Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > News > EDA considers business loan for nanotech-based company

February 28th, 2008

EDA considers business loan for nanotech-based company

Abstract:
Members of the Spring Valley EDA, during a special meeting on Wednesday, Feb. 20, heard from Dan Fox of Rushford Hypersonic, which is what his business is currently named, about his request for a business loan from the board and to potentially locate his business in Spring Valley.

Fox's company is based on a nanotech patent he has the licensure to from the University of Minnesota. He currently doesn't have a manufacturing facility or warehouse and he is seeking capital to start up the business.

Fox stated that the first application of the technology will be in tooling, mainly drill bits and masonry bits. The nanotechnology creates a specially formulated coating that helps to reduce friction and wear and once the bits are coated with the product it makes them more durable and long-lasting. He also noted that a couple of military applications and a medical application are currently being worked toward with this technology. Fox said he didn't create the nanotechnology, but he was the guy who "figured out what to do with it."

Fox is requesting a $500,000 low-interest loan from the EDA. Mike Bubany, of David Drowns and Associates, had stated that the EDA could offer a loan of $150,000 and possibly another $150,000 could be obtained through SEMDC, according to current EDA director Brian Hoff.

Bubany favored offering the business a building, rather than a loan, to offer more protection to the city if there was a default. City Administrator Deb Zimmer and EDA member Mark Biermann noted that since their first meeting with Fox on Friday, Feb. 15, they had been looking for buildings in the city that would suit Fox's needs, which is 2,000 to 3,000 sq. ft. with a loading dock or industrial door.

Source:
hometown-pages.com

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Scientists synthesize nanoparticle-antioxidants to treat strokes and spinal cord injuries January 16th, 2018

New catalyst for hydrogen production is a step toward clean fuel: Carbon-based nanocomposite with embedded metal ions yields impressive performance as catalyst for electrolysis of water to generate hydrogen January 16th, 2018

'Gyroscope' molecules form crystal that's both solid and full of motion: New type of molecular machine designed by UCLA researchers could have wide-ranging applications in technology and science January 16th, 2018

The nanoscopic structure that locks up our genes January 16th, 2018

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

180 Degree Capital Corp. Leads Investment in TheStreet, Inc.; Investment Enables Removal of Capital Structure Overhang November 14th, 2017

180 Degree Capital Corp. Appoints Investment Banking Veteran Parker Weil to Its Board of Directors August 2nd, 2017

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Announcements

Scientists synthesize nanoparticle-antioxidants to treat strokes and spinal cord injuries January 16th, 2018

New catalyst for hydrogen production is a step toward clean fuel: Carbon-based nanocomposite with embedded metal ions yields impressive performance as catalyst for electrolysis of water to generate hydrogen January 16th, 2018

'Gyroscope' molecules form crystal that's both solid and full of motion: New type of molecular machine designed by UCLA researchers could have wide-ranging applications in technology and science January 16th, 2018

The nanoscopic structure that locks up our genes January 16th, 2018

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project