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$800,000 Available to Eligible MD Tech Companies

Tuesday, August 2, 2016   (0 Comments)
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FOR IMMEDIATE RELEASE


MEDIA ADVISORY


$800,000 Available to Eligible Maryland Tech Companies
Through AAEDC’s Popular VOLT Fund

Application Round Opens on September 1


Annapolis, Maryland – (August 1, 2016) – On Wednesday, August 10 at 8:30 a.m., Anne Arundel Economic Development Corporation (AAEDC) will host an information session for entrepreneurs interested in applying for the next round of VOLT Fund tech loans. The workshop will take place at the Chesapeake Innovation Center in Odenton.

On June 25, Maryland’s Board of Public Works approved AAEDC’s request for $4 million for the VOLT Fund. Over the last three years, Anne Arundel Economic Development Corporation has managed the VOLT Fund on behalf of the Maryland Department of Commerce. Unique to the VOLT Fund is a set aside targeted for loans to promising early stage companies.

During the upcoming round, the VOLT Fund plans to allocate approximately $800,000 to the technology portion of the Fund. These loans are designed to help attract follow-on funding from venture capital firms, angel investors and other sources. AAEDC has partnered with two area incubators, the Chesapeake Innovation Center and bwtech@UMBC, to help promote the VOLT Fund to the technology community.

Since inception in 2013, the VOLT Fund has funded 13 emerging technology companies in Maryland totaling $2.3 million in loans. The financing helped attract $3,425,000 to date in follow on funding. Technologies include products and applications ranging from biotech, cybersecurity, medical and edtech.

The VOLT Fund technology loan application period will run from September 1 to October 31. Awards are anticipated to be made by the first quarter of 2017. Prospective applicants are strongly encouraged to attend the information session.

 

WHAT OLT Fund Tech Loan Application Information Session
WHEN Wednesday, August 10, 8:30 a.m. – 9:30 a.m.
WHERE Chesapeake Innovation Center, 2288 Blue Water Blvd., Odenton, Maryland
WHO Steve Primosch, AAEDC Vice President of Finance
Program basics and application overview

Jennifer Reynolds, Director of Venture Creation at bwtech@UMBC, and
M. Jason Brooke, CEO & General Counsel of Vasoptic Medical Inc., a past loan recipient
Perspectives on what makes a successful application

INFO
Interested applicants can register for the information session or learn more about the
VOLT Fund by visiting Anne Arundel Economic Development Corporation’s website: www.aaedc.org.   
Media are invited to attend the information session and should RSVP to Rosa Cruz.


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MEDIA CONTACT
Rosa Cruz
Director of Communications and Marketing
Anne Arundel Economic Development Corporation/
Chesapeake Innovation Center

2660 Riva Road, Suite 200
Annapolis, MD 21401
(p) 410-222-7410 (f) 410-222-7415 (c) 410-212-4150


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