The ‘Picture’ is Brighter for Local Camera Manufacturer with $250,000 City Investment
City’s San Diego Technology Fund Provides Working Capital to Fastec Imaging Corporation

SAN DIEGO –Aspiring entrepreneurs with a great idea and a dream don’t often look to local government as a funding and investment source.  However, the City of San Diego is taking an active role in helping businesses prosper by forging strong public/private partnerships that help provide funding alternatives and offset venture capital investment gaps.  Fastec Imaging Corporation is the latest company to tap into the City’s San Diego Technology Fund, securing a $250,000 loan to help the company expand its operations.

Fastec Imaging Corporation, located in San Diego, was founded by industry experts to develop new solutions for markets that have long dealt with expensive, complex and over-engineered cameras. The local company designs and builds high-speed, portable digital video cameras for use in factory manufacturing and maintenance operations, academic and industrial research and sports training.  The cameras are designed for those who need to see, measure and understand high-speed processes and events.  Fastec cameras capture mechanical and physical processes that are too fast for the human eye, and slow down the images for troubleshooting and problem-solving purposes.

“The funding we received from the San Diego Technology Fund and angel investors has been instrumental in our company's launch of the Troubleshooter™ line of high-speed cameras to the global market,” said Steve Ferrell, Chief Executive Officer of Fastec Imaging Corporation.  “The funds are critical to allowing us to hire more people and grow our company.”

The San Diego Technology Fund, a public revolving loan fund managed by the City of San Diego’s Community & Economic Development Department, participates alongside outside private equity investors to provide pre-venture capital stage growth capital to promising San Diego County entrepreneurs.  

“Companies like Fastec, that have great business plans and products, often face funding obstacles because of uncertain economic times,” said Hank Cunningham, director of the City’s Community and Economic Development Department.  “Through programs like the San Diego Technology Fund, the City helps to fund companies that can develop their ideas and create jobs that benefit the local economy.”

The Community and Economic Development Department has developed three separate revolving loan funds to address the full spectrum of funding needs for small businesses:

• The $1 million San Diego Technology Fund provides capital to technology companies that have the capacity to generate follow-on investments, creating the potential for large companies that promote regional prosperity.
• The $3 million San Diego Regional Revolving Loan Fund provides capital to the mid-level non-technology companies that have a strong likelihood of generating jobs.  This fund was created in partnership with Chula Vista, National City and Imperial Beach to benefit the regional economy.
• The $500,000 Metro Revolving Loan Fund provides funding to underserved small business owners located in a low- and moderate-income census tract that needs start-up capital, but can’t meet the terms of traditional banks.

For more information on the City of San Diego’s suite of revolving loan programs, as well as other   business assistance programs, visit the City’s web site at www.sandiego.gov/ced or call the City’s Community and Economic Development Department at (619) 533-4233.

For more information on Fastec Imaging Corporation and its line of cameras for various applications, visit their web site at www.fastecimaging.com or contact Steve Ferrell at (858) 592-2342.

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With an emphasis on the City’s urban core neighborhoods and low and moderate income residents, the Community and Economic Development Department strives to improve the quality of life and ensure a healthy economy in San Diego through job development, business development, neighborhood revitalization, public improvements, redevelopment, social services, and revenue enhancement.