|
Related Links
Reported by: Shannon Kettler
Web produced by: Jessica Noll
Global Shelter Systems, an ezone client since 2006, completed a financing round that concluded with a $500,000 contribution by the Kentucky Enterprise Fund.
Global Shelter, a Northern Kentucky-based manufacturing company, makes products used for blast protection in war zones.
Also, Packaging Services Group, whose product helps clients manage the complexity surrounding their packaging specification data, received a $30,000 grant.
These awards bring the ezone’s 2008 client total to $1.375 million awarded from the Kentucky Enterprise Fund and the Rural Innovation Fund, two programs that invest public funds in promising technology and innovation-driven companies in the Commonwealth.
The Funds provide one-time grants of $30,000 and equity investments ranging from $100,000 to $750,000, which may be matched dollar-for-dollar by the company via private equity investments.
As Vice President of Business Development for bioLOGIC in Covington, Margaret van Gilse has seen the two year old life science development firm grow quickly.
For example, PHD Diagnostics, one of their subsidiaries, is outgrowing their current lab space that does genetic testing.
So to help with the expansion, they turned to the help of Northern Kentucky ezone.
"The reason ezone is helpful there is they identified again another program in the state of Kentucky based on jobs created over the next five years that will provide some funding to our PHD Diagnostics company to help them build out the lab," Margaret van Gilse, Vice President of Business Development for bioLOGIC.
The new site for the expanding lab is a building on Russell Street in Covington, which they will move into in the spring and add about 20 new jobs.
"Although its a pool of money that would easily be grabbed and used for other things especially the funding that goes towards grants and such, it’s working for the [Commonwealth] of Kentucky in creating new jobs, creating opportunities for students coming out of NKU, students coming out UK, Louisville, all kinds technologies coming out of the research institutions," said Keith Schneider with Northern Kentucky ezone.
As a result, the companies helped by ezone pump money back into the economy.
Statewide, $2,880,000 was distributed to companies in the form of grants and investments/convertible notes. The next deadline for applications is Feb. 12.
For more information or to begin your application, contact Keith Schneider at the Northern Kentucky ezone at (859) 292-7785 or visit NKyEzone.org, for more information. |