Archives For Maryland Small Business Development Financing Authority

GoWaiter.comSatisfying a craving from your favorite restaurant likely involves a drive, a parking spot, a table and a server.

But an innovative new franchise, GoWaiter of Waldorf, hopes to streamline that process, bringing food directly to customers’ homes from restaurants that do not ordinarily offer their own delivery service.

GoWaiter of Waldorf in Charles County is now slated for expansion thanks to a $100,000 State-sponsored loan to Bell Enterprises, LLC. The loan was made possible through the Maryland Department of Business and Economic Development‘s (DBED) Maryland Small Business Development Financing Authority (MSBDFA) and Military Personnel and Veteran-Owned Small Business No-Interest Loan Program (MPVSBLP), DBED announced on Tuesday.

Kristen Bell founded GoWaiter of Waldorf in 2012 and is owner, president and CEO of Bell Enterprises, LLC. Her husband, Christopher Bell, is Bell Enterprises’ chief information officer.

The husband and wife team trace their work history back to the United States Air Force. Kristen Bell served 11 years of active duty and is now a service-disabled veteran who works as an intelligence analyst. Christopher Bell is also a veteran who works as an information systems security manager.

According to Kristen Bell, the $100,000 loan will open up new opportunities for their young Maryland business.

“These programs are very valuable assets to small businesses owners, especially veterans, and could mean the difference between a company expanding or not staying in business,” Bell said in a statement.

“Oftentimes as a veteran, you may not have the money to start up or expand a business. This money will help us reach a larger customer base, as well as potentially grow in Maryland,” she said.

DBED Secretary Dominick Murray praised the loan program and its potential to assist entrepreneurial veterans.

“DBED was pleased to assist this promising veteran-owned company with their expansion in Southern Maryland,” Secretary Murray said in a statement.

“Maryland has an outstanding climate for entrepreneurs, including programs and resources that help propel a company from early stage to high growth. We look forward to working with more companies like GoWaiter of Waldorf to ensure their success and continued growth in our State,” he said.

Maryland DBED and the Maryland Department of Veterans Affairs offer a variety of programs to assist Maryland military veterans. Find additional information on their websites and a link to DBED’s full loan announcement here.

By Nick Sohr, Managing Editor, MDBIZNews

The Maryland Venture Fund Authority will tap a handful of venture capital firms by early July to invest the lion’s share of the state’s $84 million InvestMaryland program, authority Chairman Peter Greenleaf said Thursday.

“You can feel comfortable that the range of investments [is] what we’re looking at, from early to late stage, across all areas of technology and entrepreneurialism in the state,” Greenleaf told some 200 entrepreneurs and investors at a forum in Rockville.

On June 28, the authority will receive recommendations from a consultant as to which firms to invest with and then will announce its decisions by the first week of July, according to Greenleaf.

Private venture capital firms will invest $56.4 million, or about two-thirds of the money raised for InvestMaryland, the largest capital program in the State’s history.

The authority expects to choose between five and eight firms that would receive between $7 million and $12 million each from the program. Those firms will invest in seed, early stage and growth companies, with a focus on information technology and life sciences. They will return to the state all of the principal and 80 percent of the profits from successful investments.

Another $20.7 million will be invested by the state’s Maryland Venture Fund, which will direct attention to seed and early stage startups. The fund, originally seeded with $25 million, has seen returns of about $64 million and helped create 2,000 jobs over its 17 year history.

“The goal [of InvestMaryland] is to create thousands of jobs,” said Christian Johansson, secretary of the Department of Business and Economic development and the architect of the venture capital program. “The goal is to position Maryland as a leader in science, security discovery, innovation.”

The remaining $6.9 million will go to the Maryland Small Business Development Financing Authority, another DBED business finance program.

State officials expect the InvestMaryland program to deliver much-needed capital and financial assistance to 200 to 400 businesses and spark interest from outside investors in individual firms and the state’s startup community as a whole.

The investments of the Maryland Venture Fund have been followed by $1 billion in private capital, according to Johansson.

InvestMaryland is a much larger injection of capital into the market. The program raised $84 million — $14 million more than expected — by auctioning $100 million in tax credits to insurance companies.

The state received the first $28 million payment this month, and will receive the same amount in 2013 and 2014.

“We’re trying to not just create assets, but create long-standing, lasting impact to the state, which will include jobs that reside here,” said Greenleaf, who is also the president of MedImmune.