02 Jan State to fund two minority-owned tech businesses
Madison, Wis. – Using money from the Minority Business Development Fund, the State of Wisconsin will provide loans to two minority-owned technology businesses in Madison.
Gov. Jim Doyle said Aristotle Ventures, Inc., and iNOC, LLC, will receive loans to help them expand and create jobs.
Aristotle Ventures will use a $100,000 loan for working capital to develop and market a private, anonymous software transaction technology. The total project cost is $2.6 million, which will help create at least 10 and perhaps as many as 60 jobs over a four-year period.
Meanwhile, iNOC, LLC will apply $47,500 in loan funds toward the equipment and working capital needed to expand its existing Network Operations Center (NOC) business. The total project will cost an estimated $760,000 and create 15 new full-time jobs.
More information about programs and services for minority-owned businesses can be obtained by contacting Ruby Brooks of the Wisconsin Department of Commerce at 608-266-8380.
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