Central Ohio Technology Companies Receive Third Frontier Program Funding

 Innovation Ohio Loan Fund Awards More Than $2.3 Million to Local Companies
 The Ohio Department of Development this week awarded loans and grants to support the expansion of local technology-based companies. Znode, Inc. of Dublin and Dot Two Entertainment of Columbus received loans in excess of $2.3 million from the Innovation Ohio Loan Fund (IOF). 
 
Znode offers an enterprise-ready ASP.NET storefront platform in support of e-commerce. The IOF awarded the company $1.2 million at a rate of six percent for a six-year term. The loan will be used in support of the commercialization of specific software features and capabilities.
 
Dot Two received $1.14 million from the IOF to purchase equipment for a digital television network it is developing based on newly created digital sub-channels. This loan was also at a six percent rate for six years. 
 
The IOF is an Ohio Third Frontier program. It assists existing companies to develop next generation products and services within targeted industry sectors including advanced materials, instrument, controls and electronics, power and propulsion, biosciences and information technology. The fund provides competitive financing terms to finance projects that will positively impact Ohio by creating high-value jobs and generating other economic benefits for the state. The IOF supplies capital to promising Ohio enterprises having difficulty securing funds from conventional sources due to technical and commercial risk factors associated with the development of a new product or service. 
 
In total, these awards are expected to create 90 new jobs and retain 45 positions.
 
For more details, see the release from the ODOD: http://development.ohio.gov/newsroom/releases/press.htm?id=2345