The Anne Arundel Economic Development Corporation announced Wednesday it has awarded a loan of $100,000 to Crownsville-based Plus Up LLC, the first small business to benefit from its VOLT Growth Fund (VGF).
Plus Up founder Adam Ashley said the loan will give the company the capital it needs to extend its strategic growth plans. Ashley also co-created Goodtimer, an electronic educational toy that was recently named one of just 14 national finalists in the 2021 Amazon Launchpad Innovator of the Year contest with his wife, Stephanie.
Created by the AAEDC, VGF is part of the state’s gaming revenue-funded VLT program and aims to help Maryland-based, high-growth innovative and technology product companies implement a go-to-market strategy and accelerate sales. AAEDC began managing the VLT on behalf of the Maryland Department of Commerce in May 2013 and has directed nearly $14.4 million total funds to 112 businesses since.