October 11, 2017
CONTACT: Fronda Cohen
Baltimore County Boost Fund Loans Support Two Growing Manufacturers
Towson, MD A health drink manufacturer and the makers of a gel to improve sports glove performance are among the latest small businesses to receive loans from the Baltimore County Boost fund, a flexible financing resource for entrepreneurs. More than $3.8 million in Boost Fund loans have been approved to 31 companies since the program launched in late 2014. Together, these businesses represent over 425 jobs.
“Fueling promising small businesses is one of the best investments we can make to grow our economy. Boost Fund loans come at a critical time when early-stage companies are ready to add jobs, expand facilities, invest in new equipment and move to their next stage of growth,” said Baltimore County Executive Kamenetz.
Recent loans supported two growing Baltimore County manufacturing companies.
Mobtown Fermentation brews Wild Kombucha, a drink made from fermented tea and organic juices. Based on a family recipe, Wild Kombucha is brewed in Timonium and is available at 230 locations in the Mid-Atlantic. A $100,000 Boost Fund loan helped the company move from hand to automated bottling.
“Loan support from the Baltimore County Boost fund has allowed us to purchase an automated bottling line to keep up with product demand. We are adding jobs in Baltimore County as more and more people discover the fresh taste and health benefits of our unique kombucha brews,” said Sid Sharma, a partner in Wild Kombucha.
Grip Boost, Inc.
“It took two University of Maryland chemical engineers and a former Ravens tight end to come up with a product to improve the performance of athletic gloves. Our company, Grip Boost, found the additional working capital we needed to add inventory and grow our business in the perfect place, the UMBC Technology Center,” said Matt Furstenburg, CEO, Grip Boost.
Grip Boost is used to improve the grip performance of football, baseball and golf gloves. A $100,000 Baltimore County Boost Fund loan will be used for working capital as the three-year-old company expands and adds inventory.
Loans customized for each business
The Boost Fund, managed by the Baltimore County Department of Economic and Workforce Development, can lend qualified small businesses in the region between $50,000 and $250,000 for start-up and gap funding, building and leasehold improvements, business and equipment acquisition, commercial real estate acquisition, and working capital.
Boost Fund loans are flexible, with a reduced down payment and interest rates set at or below market rates. Payment plans are customized to meet the cash flow needs of each business.
Loan funding comes from the Maryland Small, Minority and Women-Owned Business Loan Fund, which was established with revenue from Maryland casinos.
Suite of business assistance services
“The Boost Fund is a valuable addition to the County’s business resources, which include free employee recruitment and training programs, site selection assistance, and a suite of financing options. Baltimore County stands ready to support companies when they are ready to expand and add jobs,” said Will Anderson, director of the Baltimore County Department of Economic and Workforce Development.