05 Jul Arundel Defense Tech Toolbox
Stuart recently attended a talk on this program at AAEDC. We’re spreading the word as explained in The Biz Weekly (a publication of www.bizmonthly.com).
Arundel Defense Tech Toolbox Opened to Boost National Security Companies
The Anne Arundel Economic Development Corp. (AAEDC) has unveiled its Arundel Defense Tech Toolbox. It offers a menu of financing, a workforce development grant and business development consultations specifically aimed at assisting technology companies with gross revenue of less than $5 million and fewer than 100 employees.
To access the toolbox, businesses must be located in Anne Arundel County or have a signed lease demonstrating their intent to move into the county. AAEDC is investing $1.2 million to launch the program.
The signature component of the Arundel Defense Tech Toolbox is the Next Stage Tech Fund. This financing program offers 0% loans from $50,000 to $250,000. Loans can be structured with flexible payment terms between one to five years to accommodate a company’s cash flow. Other components of the program include the following.
- Accessing AAEDC’s current workforce training grant program, which offers a reimbursable grant of up to $1,000 per employee
- Complimentary consultations with prominent experts in the fields of commercial technology marketing, federal contracting and intellectual property
To connect businesses to the Toolbox, AAEDC hired Sarah Purdum, who has worked as the cyber incubator manager for bwtech@UMBC Research Park and within the Maryland Department of Commerce’s Cyber Division, to serve as a business development associate. Purdum will be focused on attracting, retaining and growing technology-focused companies to the county.