The Technology Growth Fund helps promising Northwest companies to expand and bring innovative products to market by providing non-dilutive debt financing to companies that have limited access to conventional bank financing.
The intent of the Technology Growth Fund (TGF) is to assist late stage start-up technology companies. The TGF is aimed at almost bankable companies that have been turned down by traditional lenders. The TGF provides a bridge to conventional financing, economic success and job creation. TGF’s finance policy allows broader risk taking including making working capital loans to startups, providing high advance ratios on collateral slightly above normal bank guidelines, taking collateral value risks, and providing customized repayment terms tied to projections. In addition to providing funding, seasoned business consultants from IWF Accelerator Services will be assigned to provide customized assistance to loan recipients to accelerate their success.
MINIMUM TARGET ELGIBILITY CRITERIA
In one of these six key technology sectors:
- Advanced energy
- Information and communication technology
- Life sciences
- Advance materials and manufacturing
At the minimum, company must have a production ready prototype with defensible intellectual property.
Ten counties in Washington: Pend Oreille, Stevens, Ferry, Spokane, Whitman, Asotin, Garfield, Columbia, Benton and Franklin, and five counties in Northern Idaho: Boundary, Bonner, Kootenai, Benewah and Shoshone.
Supports revenue growth or job growth in the targeted geographic area in 12-24 month timeline.
Credit Not Available
Documentation demonstrating that traditional bank financing is not otherwise available.
TYPES OF FINANCING
TGF will provide loans from $50,000 to $250,000 for the following types of financing:
- Secured working capital loans
- Specialized equipment financing
- Tenant improvements or facility modifications for business expansion
The TGF is not intended to be the sole source of funding for the target companies and will require other types of financing in the company.
For more information, contact: John Overby, Tel. (509) 358-2032 | email@example.com