Today the Anne Arundel Economic Development Corporation (AAEDC) announced that four early stage technology companies in central Maryland have been approved for a total of $800,000 in loans through its VOLT Fund. Awardees include two Anne Arundel County companies, Appian Medical, Inc., and Vixiar Medical Inc., Baltimore City based Vasoptic Medical Inc., and Grip Boost, LLC, a member company at bwtech@UMBC incubator.
The VOLT Fund, managed by AAEDC, received a $1.8 million allotment in 2015 from the Maryland Small, Minority and Women-Owned Business Investment Fund. The state’s fund is supported by 1.5 percent of video lottery terminal revenue generated by Maryland’s five casinos. Besides loans to conventional businesses, AAEDC’s VOLT Fund has a set aside for entrepreneurs of innovative technology. Since the inception of the program in 2013, AAEDC has conducted three technology loan application rounds, allocating more than $2.4 million to 13 early stage companies in Maryland.
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