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Madison software developer Forte Research Systems receives $550,000 state loan to grow [The Wisconsin State Journal :: ](Wisconsin State Journal (Madison, WI) Via Acquire Media NewsEdge) Sept. 03--Madison-based Forte Research Systems, a growing developer of clinical research software, has received a $550,000 state loan to help it expand and add jobs. The loan comes through a program run by the state's lead job creation agency, the Wisconsin Economic Development Corp. Known as the Business Opportunity Loan Fund program, it's for start-ups and early stage companies and is designed to fill gaps between what private financing and the companies' own investments can cover, WEDC spokesman Mark Maley said. Forte's state loan, announced Tuesday, represents about 13 percent of total project costs of $4.3 million for added resources to meet increased demand for its products. It has a 2 percent interest rate and must be paid back over a five-year period beginning Jan. 1, 2015. Loan terms also require Forte to create 55 full-time jobs by August 2017 and retain those jobs and its existing 69 positions until at least August 2019, Maley said, with clawback provisions if the job requirements aren't met. "The company is in growth mode right now and taking on larger clients," he said. "It needs to quickly expand its staff, and also is developing a new family of products that will enable the company to increase revenue from current clients and also enter into new markets." According to WEDC, at least 85 percent of the new jobs must be full-time and be paid at or above 150 percent of federal minimum wage and benefits. ___ (c)2014 The Wisconsin State Journal (Madison, Wis.) Visit The Wisconsin State Journal (Madison, Wis.) at www.wisconsinstatejournal.com Distributed by MCT Information Services |