Anne Arundel County launches Defense Tech Toolbox
Responding to a need for more effective resources for growing technology companies working in the national security space, Anne Arundel Economic Development Corporation (AAEDC) has 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.