SidusData Has Reason To Celebrate

Managed hosting and cloud provider SidusData (www.sidusdata.com) recently made its final payment against a seven-year loan through the Arundel Business Loan (ABL) Fund. The funding gave SidusData the support it needed to build a high capacity datacenter in Annapolis, which resulted in driving new business and employment into Anne Arundel County.

Since the loan’s origination in 2004, SidusData reports it has tripled in both revenue and number of employees. The company currently employs 28 people and has an aggressive growth strategy in place for the future.

“The ABL Fund gave us the boost we needed to grow and prosper,” said SidusData CEO Jason Silva. “Without the support of the Anne Arundel Economic Development Corporation (AAEDC), the rapid growth that SidusData has experienced over the past seven years would not have been possible.”

The ABL Fund is one of the many business services provided at the AAEDC (www.aaedc.org). The loan was part of a strategic plan to further the growth and development of IT in Anne Arundel County. It assisted SidusData, which had been leasing space in several locations in Northern Virginia, the opportunity to integrate its Datacenter within the building that houses the Chesapeake Innovation Center (CIC) (www.cic-tech.org), Anne Arundel County’s technology business accelerator.

“Success stories such as SidusData’s highlight exactly the purpose of the ABL Fund – to stimulate business growth and help create quality employment opportunities,” said Robert Hannon, AAEDC president and CEO. “The ABL Fund is an important financing source specifically designed for the County’s small business community.”

The Anne Arundel Economic Development Corporation ABL Fund offers SBA guaranteed loans up to $300,000 to qualified borrowers doing business in Anne Arundel County. Loans from the ABL Fund can be used for equipment, leasehold improvements, and working capital. Business financing through the ABL Fund is made possible with the support of a consortium of 16 banks doing business in Anne Arundel County.

“Our County has a strong community of technology entrepreneurs with cutting edge business ideas,” said County Executive John Leopold. “With Fort Meade, NSA, and some of the nation’s top defense and technology companies located in Anne Arundel County and seeking innovations, it is important to support businesses such as SidusData.”

 For more information about the ABL Fund, contact Joe Timer, AAEDC VP Financial Services, at 410-222-7410 or jtimer@aaedc.org.