Charleston Digital "Corridor Fund" picks eSchoolware to debut loan guarantee initiativeCharleston Digital Corridor Foundation
Charleston, SC., May 10, 2006, The Charleston Digital Corridor Foundation is pleased to announce the first deployment of the Corridor Fund with a loan guarantee to eSchoolware, Inc.
eSchoolware is a new information based company headquartered on Daniel Island that provides web-based solutions for academic achievement in education. The Corridor Fund was developed by the Charleston Digital Corridor to collateralize business loans to local companies that are using the proceeds for the recruitment of staff and to fund growth.
The Corridor Fund eliminates administrative overhead related to processing and servicing. The managers of the Corridor Fund serve in a "pro-bono" capacity with the approved companies encouraged to choose a local financial institution to service their loan. The loan guarantee is for a maximum period of 18 months.
"After careful review of eSchoolware's business including its products, management, education industry focus and its financial prospects for the short and longer term, we decided that a loan guarantee of the Digital Corridor Fund is justified," stated Johan Prins, who along with Robert Kosian are the Managers of the Corridor Fund. "We believe the loan guarantee will provide eSchoolware with additional liquidity to execute its business plan. We are pleased to support them in achieving their business goals," he added.
The Corridor Fund continues to be capitalized by a diverse group of private companies and organizations including the law firm of Needle and Rosenberg, the Daniel Island Development Company, CSS and the Charleston Defense Contractors Association.
"This fund supports business formation by assisting companies at the very early stage of their growth, a time when capital is arguably the hardest to secure," said Charleston Digital Corridor Foundation Director Ernest Andrade.
"Our investment in eSchoolware further reinforces the Charleston Digital Corridor's commitment to supporting and growing knowledge-based businesses in Charleston," said Kirk King, Chairman of the Charleston Digital Corridor Foundation and CEO, CSS.
"eSchoolware is honored to be selected as the debut company for the "Corridor Fund" loan guarantee initiative," said Lenna Ruth Macdonald, CEO of eSchoolware. "Early-stage support is critical in creating a vibrant start-up business community. The Charleston Digital Corridor continues to be a leader in this area, not only providing innovative financial programs like the "Corridor Fund," but in making other resources available to meet the needs of fast growing small companies."
Charleston Digital Corridor Foundation
Ernest Andrade, Director
Lenna MacDonald, CEO