Community and Economic Development
|FOR IMMEDIATE RELEASE
Wednesday, April 20, 2005
CONTACT: Eric Symons
City Provides $200,000 Loan to Local Technology Company
San Diego Technology Fund Provides Working Capital to Idego Methodologies, Inc.
SAN DIEGO - Since its inception in 1995, the City of San Diego's innovative San Diego Technology Fund has helped harness the power of public and private partnerships to bridge funding gaps for smaller startup technology companies. Utilizing these unique partnering opportunities offered by the City, the loan program has provided more than $2 million in funding to local technology startups including most recently, Idego Methodologies Inc. which celebrated the closing of $200,000 in funding from the City.
The San Diego Technology Fund is a public revolving loan fund managed by the City's Community & Economic Development Department that participates alongside outside private equity investors to provide pre venture stage growth capital to promising San Diego County entrepreneurs. The City funding also served as a catalyst to secure matching private equity investments.
Idego Methodologies Inc., headquartered in San Diego, develops and markets software-driven decision making and strategic planning tools. Idego's products help individuals and groups make well-informed decisions and take focused direction with a high level of quality, efficiency and effectiveness. Idego's core principle is the integration of a proprietary algorithm with a user-friendly, wizard-driven software platform that may be applied to any type of decision or strategy.
The company's flagship product is VisionTree™ including Professional, Healthcare, Classroom and Personal Editions. In simplifying the approach to decision making, VisionTree™ allows an individual or group's unique qualitative and quantitative factors to be incorporated and delivers concrete decisions and action plans in a fraction of the time versus traditional methods. VisionTree's customer base consists of health care organizations, schools and businesses across the country and has delivered significant and measurable improvement to the efficiency, effectiveness and accountability of decision-making and strategic planning in all of these areas.
"We are excited and thankful for the unique opportunity the San Diego Technology Fund has provided us," stated Martin Pellinat, president of Idego Methodologies. "With an immediate need that exists today for consumers and organizations to process information, as well as maintain a focused and strategic competitive advantage, the VisionTree™ platform will continue to positively impact markets as a new standard and catalyst for improvement on both a national and global level."
The City's 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.
"We understand that small businesses like Idego are crucial to the City of San Diego's economic vitality, and we are committed to going the extra mile to help ensure their entrepreneurial success," said Hank Cunningham, director of the City's Community and Economic Development Department. "The San Diego Technology Fund is a great example of the City's commitment to our small business community and we look forward to working with other companies to help them get their products and services to the market and create jobs locally."
For more information on the San Diego Technology Fund and other City of San Diego business assistance programs, visit the City's Web site at www.sandiego.gov/cpci or call the Community and Economic Development Department at (619) 533-4233.
For more information on Idego Methodologies visit their web site at www.visiontree.com or call (619) 295-2800.
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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.