Madison Development Corporation
(MDC) announced receipt of an additional $2
million to add to its Venture Debt loan program for technology businesses
in Dane County. The additional capital
comes from the Wisconsin Housing and Economic Development Authority
(WHEDA)–$1.5 million, and MG&E–$500,000.
MDC, a local non-profit
development company helping hard to finance small businesses with loans,
started a Venture Debt Fund to help technology businesses stretch scarce local
venture capital dollars. Since
inception, the MDC Venture Debt Fund has made about 40 loans totaling over $12
million to local tech businesses. Venture
Debt is a revolving loan fund with total capital available now totaling almost
$8 million with the new awards.
Six businesses received Venture
Debt loans in 2014, totaling over $2 million.
The new loans in 2014 went to: SOLOMO
Technology Inc., Pegasus Sustainability Solutions, Quietyme LLC, Phoenix
Nuclear Labs LLC, BioIonix, Inc., and NeuWave Medical Inc.
Money for the loans comes
from a pool of Participating Lenders:
WHEDA, MGE Energy, The City of Madison, The City of Fitchburg, The City
of Middleton and participating financial institutions including Associated
Bank, State Bank of Cross Plains, Capitol Bank, First Business Bank, Settlers
Bank, Town Bank, Starion Bank, Monona State Bank, Bank of Sun Prairie,
McFarland State Bank and Wisconsin Bank & Trust.