The first ever BioFund loan took place last week at the New Orleans BioInnovation Center. With $2.55 million in loans to give out before February of 2014, the BioFund has started out by investing capital into Be Well Nutrition, the brand behind the new drink called Iconic.
The BioFund will loan out in increments between $50,000 and $250,000. Nola.com explained, the fund is, “designed to help companies with fewer than 100 employees make equipment purchases or build inventory.” Loan recipients benefit from low interest rates, flexible loan terms, loan ranges, and flexible payment options. The loan amount has been extended from its original $1.7 million and has been granted a deadline extension as well.
“One of the biggest obstacles startup companies face is financing their operations,” said Billy Bosch, co-founder and CEO of Be Well Nutrition. “Securing this capital for our first two production runs will dramatically increase our company’s chance of success.”
“The vast majority of start-up companies are unable to secure a loan or receive the financial support they need to get up and running,” said Kris Khalil, Manager of the New Orleans BioFund. “I’m very excited about this milestone. It serves as a wonderful example of how the BioFund will reward innovative ideas, create new job opportunities, and help rebuild the city of New Orleans.”
To learn more, visit Neworleansbio.com.