Three lucky tech start-up companies have been granted loans totaling $700,000 by Anne Arundel County as part of a new movement to try and encourage more small business and entrepreneurial start-ups. The program is being funded by the Small, Minority and Women-Owned Business Investment Fund. They help to generate the cash for the loans and provide follow-on support for the small businesses to help them get their business off of the ground.
Two of the tech-based companies receiving a loan are based in Baltimore City, while the third is from Anne Arundel County.
It’s not easy to be selected for these prestigious loans. There is the initial application where businesses and entrepreneurs must put themselves forward to be selected for the loan. Then, all applicants are placed in a pool, and three of them are chosen after some careful consideration. The competition is always high, and this year there were 52 different applicants to choose from, so the competition was pretty fierce!
The loans awarded are really very useful to the businesses because they are offered to them as long-term loans. This means the companies do not need to repay the loan back until they receive a larger investment from someone like a venture capitalist, or if they have any other kind of liquidity event. Furthermore, and better still, the companies are not charged any interest on top fo the loan which is very generous and also very useful too.
The three companies who were successfully chosen this year are SecuLore Solutions, a cyber security company that places their primary focus on assisting emergency service call centers with their security solutions. They have created their own technology which is currently patent pending and offer such a worthwhile service that the donors felt they could not be overlooked. They were awarded a loan of $250,000.
CourseArc were awarded a slightly smaller loan of $200,000. Their business is the production of a digital content creation tool that helps people to educate themselves and others online via interactive courses. Again, this is a very worthwhile tool that could actually alter the lives of so many people if it had the right resources to kick start correctly- and this is where the loan will help out.
The third and final company, PeerAspect, were also awarded $250,000 to get their graduate business off of the ground. Their software tools are able to assist different companies in collecting and managing data that can be used by other technology centers to help manage supply chains.