N. Carolina Biotech Center Starts New Loan Program
Friday, October 27, 2006 6:30:00 AM PDT | VentureDeal Staff
RESEARCH TRIANGLE PARK, N.C. --
The Biotechnology Center has started a new program designed to provide loan funds to early stage start-ups with a loan to Advanced Liquid Logic, a "lab-on-a-chip" seed stage company.
The program, called Strategic Growth Loan (SGL) program, is designed to help start-ups across a critical phase of their development by providing them with matching funds. An angel or venture capital firm needs to provide the other matching funds in order to close the transaction.
One of the advantages of the new program is that the funds can be used for variety of purposes, unlike some of the other programs administered by the Biotech Center.
The only restriction is that they can't be used for executive level compensation or so-called "brick-and-mortar" capital outlays.
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