26 Jul HCEDA Issues Cyber Startup Bricata $250K VLT Loan
Columbia, MD (July 26, 2016) – The Howard County Economic Development Authority announced today that they have issued Howard County based cyber startup Bricata a $250K loan through their Catalyst Loan Fund.
The funding was acquired through the use of the Maryland Department of Commerce’s video lottery terminal (VLT) revenue from Maryland Casinos. The Board of Public Works and the Maryland Department of Commerce, which administers the program, receives 1.5 percent revenue from the video lottery terminals yearly to be issued out as small business loans.
“Both Howard County and the State of Maryland have been instrumental in helping Bricata start and grow our business. The loan we received from the Catalyst Fund will help further our expansion through the acquisition of new office space in preparation to hire up to thirty new employees in 2017,” said Randy Stephens, Chief Operating Officer at Bricata.
Bricata is a developer of high-performance network security solutions. They specialize in commercial-grade next generation intrusion prevention solutions (NGIPS) designed for multi-location and high bandwidth deployments. Built on the advanced open source IPS engines Bro and Suricata, Bricata delivers enterprise-class solutions that combine signature-based detection with network and behavioral analysis. This improves detection rates, alert efficacy, manageability, and performance at wire speed.
“Bricata is a great example of the types of high tech, forward thinking companies that we see joining the business community here in Howard County,” said Lawrence Twele, CEO of the HCEDA. “When you are looking to find the best cyber security minds in the state, there is no better place to look than right here.”
With the assistance of the HCEDA, Bricata relocated from Northern Virginia to Columbia earlier this year. At the time the company employed 7 individuals, but have since grown to a staff of 23 with plans to add additional staff in the near future.
“We’re happy Bricata has decided to relocate and join the community of cyber security professionals here in Howard County,” said Howard County Executive Allan H. Kittleman. “I have met with many of the nationally recognized thought leaders in cyber security, and I believe we have the right mixture of resources to put Howard County on the map for the cyber industry.”
Howard County is home to many industry leading cyber security companies including Tenable, CISCO, LEIDOS, and IronNet.
Stephens echoed the sentiment saying “Bricata is very excited to be headquartered in Howard County, Maryland, the foremost cyber security epicenter in the U.S.”
The VLT funds are accessible to businesses all across the state, not just those located in Howard County. Loan fund managers are required to issue 50% of the VLT money awarded to business located within a 10 mile radius of any casino in the state and in designated Counties, but the other 50% can be loaned to qualified candidates anywhere across the state.
“We are very excited to provide Bricata with a $250,000 loan to help them grow their business,” said Beth Woodring, Vice President of Finance and Strategic Initiatives. “After spending some time with them and learning about their product it is clear to me that they have a very unique product and service offering.”
The HCEDA was designated a fund manager for the program starting in 2014 and has approved 23 loans totaling $3.25 million to businesses throughout the state from its Catalyst Fund to date. Recently the HCEDA was awarded an additional $3M to be issued out over the next two years.
All funding for companies is in the form of loans, which are repaid with interest. A maximum loan term is 5 years and interest rates vary based upon credit risk. Processing time varies by deal but the key to quick processing is a complete, accurate data package. More information about the Catalyst Loan Fund can be found at www.hceda.org/catalyst.
About HCEDA: The Howard County Economic Development Authority is a public-private partnership whose primary goal is to promote economic growth and stability by supporting existing businesses, targeting new businesses, and attracting corporate/regional headquarters. The Authority also maintains several programs aimed at the special needs of small and agricultural businesses. Additionally, the Authority strives to preserve the distinctive quality of life in Howard County. The Authority can be reached at www.hceda.org.