Arundel Defense Tech Toolbox to Help Grow Innovative Companies Serving in the National Security Sector
Mix of Financing, Incentives and Resources to Benefit Fort Meade Area Tech Businesses
Annapolis, Maryland (June 29, 2017) – Responding to a need for more effective resources for growing technology companies working in the national security space, Anne Arundel Economic Development Corporation (AAEDC) today unveiled its Arundel Defense Tech Toolbox. The toolbox 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.
As home to Fort Meade and premier defense agencies such as the National Security Agency (NSA), Defense Information Systems Agency (DISA) and U.S. Cyber Command, Anne Arundel County is the nation’s most prominent government and cyber technology hub. Over the course of several months, AAEDC staff gathered important feedback from technology business leaders on the challenges they face in the federal contracting and commercial markets.
“There are many of these businesses that have launched and invested in themselves in the early stage and have had initial success. The Arundel Defense Tech Toolbox provides meaningful assistance so they can reach the next stage of growth and create more jobs in our county and state,” said AAEDC CEO Julie Mussog. “This initiative signals our full commitment to supporting our tech industry in the national security space and maintaining Anne Arundel County’s reputation as the nation’s cyber capital.”
“The Arundel Defense Tech Toolbox will ensure the defense and cyber industries continue to fuel the economic engine of West County,” added County Executive Steve Schuh.
The signature component of the Arundel Defense Tech Toolbox is the Next Stage Tech Fund. This financing program offers zero percent 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:
- Accessing AAEDC’s current workforce training grant program which offers a reimbursable grant of up to $1,000 per employee; and
- Complimentary consultations with prominent experts in the fields of commercial technology marketing, federal contracting and intellectual property.
To connect businesses to the Arundel Defense Tech Toolbox, AAEDC hired Sarah Purdum in May to serve as a Business Development Associate. In this role, Ms. Purdum will be focused on attracting, retaining and growing technology–focused companies in Anne Arundel County.
Ms. Purdum’s past professional experience also includes working as the Cyber Incubator Manager for bwtech@UMBC Research Park, and within the Maryland Department of Commerce’s Cyber Division. She holds a B.A. in Political Science and a Master’s Degree in Cybersecurity, both from the University of Maryland, Baltimore County.
For more information on the Arundel Defense Tech Toolbox, please visit AAEDC’s technology page or contact Sarah Purdum at (410) 222-7410 or by email at .
ABOUT THE ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION
The mission of the AAEDC is to serve as a catalyst for business growth in Anne Arundel County thereby increasing job opportunities, expanding the tax base and improving quality of life. It provides investment and technical assistance and fosters community revitalization initiatives. AAEDC plays a vital role in enhancing commercial districts, improving county infrastructure, increasing agriculture-based business and promoting high-value business sectors such as technology and national defense. News and updates are available on the corporation’s website www.aaedc.org.