State & Local Round Up

Indiana 

The Indiana legislature approved a $50 million appropriation over the next biennium for Indiana's 21st Century Research and Technology Fund. The program supports the development and commercialization of advanced technology. Created in 1999 (see related 9/10/99 Digest story), the fund received $50 million in the 2000-2001 biennium. 



Maryland 

To help grow new technology and biotech firms, the Maryland Department of Business & Economic Development five years ago modified the rules of a now 30-year old economic development tool originally intended for manufacturers’ equipment acquisition. The program now permits the state to guarantee lease payments for selected tech companies that landlords consider too risky. Six companies have been backed so far and the state is considering more, according to a June 17 Associated Press wire story. The story reports the state is experiencing its first payout under the new rules — a maximum of $1 million over the next year — when an Internet connection provider declared bankruptcy and abandoned its lease. The remaining five companies employ 750-1,000 Marylanders, according to the article. 



Kalamazoo, Michigan 

Southwest Michigan First, a Kalamazoo-based partnership of the region's leaders in private business, education and government, has secured $6.5 million in private commitments for the initial $10 million raised for a local early-stage technology investment fund. The balance of the fund is being provided through a partnership with Chicago-based Arch Development Partners. According to the Chicago Tribune, the new fund will receive a $20 million injection of money from the Small Business Administration. Planners say, when fully capitalized, the fund will have $100 million to invest in life-science and technology firms around the Midwest. For more information: http://www.southwestmichiganfirst.com/100_million_early-stage_ventur.html