October 9, 2008
Mikro Systems Inc. has been approved by the Virginia Small Business Finance Authority (VSBFA) for a $400,000 loan to help finance the company’s expansion and scale-up of manufacturing operations. Mikro Systems will use the loan proceeds to help finance major equipment purchases needed to expand their manufacturing capacity, estimating that the proceeds from this loan will lead to approximately 15 new full-time positions within the next two to three years.
The VSBFA Economic Development Loan Fund is designed to fill the financing gap between private debt financing and private equity. Funds are provided to create economic benefit through increased revenues and the creation of new jobs. Virginia businesses engaged in selected areas such as technology, biotechnology and manufacturing are eligible for the loans. The loans can be used for acquiring land and buildings, business expansions, purchase of machinery and equipment, technology infrastructure and working capital, all of which will encourage and accelerate economic growth and job creation.