Despite a 27% reduction in funding from the state, the North Carolina Biotechnology Center, located in the Research Triangle Park, has expanded one of it’s popular loan programs. The Strategic Growth Loan (SGL) has been used for years to help life science companies throughout the state take their companies to the next level. With the changes, companies will now be able to receive a loan up to $500,000.
According to the Center’s Vice President, Peter Ginsberg, there were 21 loans awarded in the 2014 fiscal year. With the changes, he hopes to strengthen a program that already sees successes where it matters the most: return on investment.
Currently, there are 74 companies in the NC Biotech Center loan portfolio generating a $71 million a year in state and local taxes. That’s a number anyone would be proud of.
For more information on the program check out the following resources:
Press Release from the NCBiotech Center: http://www.ncbiotech.org/article/ncbiotech-sgl-loan-cap-raised-500k/20051
Q&A With VP Peter Ginsberg on WRAL Techwire (paywall): http://wraltechwire.com/exclusive-biotech-center-doubles-size-of-startup-loans-due-to-lack-of-private-investment-funding-/13835031/