Nanotechnology Now





Heifer International

Wikipedia Affiliate Button


DHgate

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

Stanford breakthrough heralds super-efficient light-based computers: Light can transmit more data while consuming far less power than electricity, and an engineering feat brings optical data transport closer to replacing wires May 29th, 2015

Donuts, math, and superdense teleportation of quantum information May 29th, 2015

OSU researchers prove magnetism can control heat, sound: Team leverages OSC services to help confirm, interpret experimental findings May 29th, 2015

Two UCSB Professors Receive Early Career Research Awards: The Department of Energy’s award for young scientists acknowledges UC Santa Barbara’s standing as a top tier research institution May 29th, 2015

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

BESSTECH Announces $250K Investment from Eastern New York Angels : Funding will accelerate commercialization of BESSTECH’s innovative lithium-ion battery electrode technology and enable hiring of key personnel May 13th, 2015

Harris & Harris Group Portfolio Company OpGen Raises $17.1 Million in Initial Public Offering May 6th, 2015

Harris & Harris Group Sponsors NYC American Heart Association's Health Sciences Innovation Investment Forum: Co-founder of Harris & Harris Group Portfolio Company TARA Biosystems to Speak About the Value of Tissue Engineering Technology April 21st, 2015

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

Announcements

Stanford breakthrough heralds super-efficient light-based computers: Light can transmit more data while consuming far less power than electricity, and an engineering feat brings optical data transport closer to replacing wires May 29th, 2015

Donuts, math, and superdense teleportation of quantum information May 29th, 2015

OSU researchers prove magnetism can control heat, sound: Team leverages OSC services to help confirm, interpret experimental findings May 29th, 2015

Two UCSB Professors Receive Early Career Research Awards: The Department of Energy’s award for young scientists acknowledges UC Santa Barbara’s standing as a top tier research institution May 29th, 2015

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