PHOENIX, AZ--(Marketwired - Nov 19, 2013) - Traklight LLC, a Phoenix-based provider of online software and tools to easily identify and secure intellectual property (IP), has received a loan from the Arizona Innovation Accelerator Fund (AIAF). The AIAF is Arizona Commerce Authority's $18.2 million loan participation program funded through the U.S. Department of Treasury's State Small Business Credit Initiative (SSBCI).
Developed to stimulate financing to small businesses and manufacturers, while fostering business expansion and job creation in Arizona, the Arizona Commerce Authority (ACA) program allows selected companies to work with the ACA and local banks to secure loans.
"Small businesses like Traklight are the backbone of our economy and we value the opportunity to assist in its plans for expansion," said Sandra Watson, President and CEO, Arizona Commerce Authority.
"We had the capabilities to secure other financing; however, the ACA program provides invaluable guidance, support and knowledge," said COO Jill HowardAllen at Traklight. "We are confident and comfortable utilizing bank loans to continue financing our projected growth. We have already put the money to good use hiring our first full-time employee, Traklight's Vice President of Technology."
The AIAF loan proceeds enable Traklight to increase product developer hours for updates and new versions of the software-as-a-service (SaaS) products. The updates will increase the functionality, security and usability of the Traklight Intellectual Property and Collaborative Vault. Traklight is also using funds to grow strategic partnerships and sponsorships, both of which will help the company access its entrepreneur market and educate entrepreneurs about the value of protecting their intellectual property.
About Traklight LLC
Traklight provides cost-effective online IP identification tools and resources that enable inventors, creators, entrepreneurs and small businesses to identify and protect their IP. Using a dynamic set of questions, users can identify the potential IP associated with their ideas. Next, users simply upload important information to the IP Vault, where the files are time-stamped, stored and protected. Traklight is privately held and headquartered in Arizona. Visit traklight.com to learn more and take the free Risk Quiz.
About Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: recruit, grow, create -- recruit out-of-state companies to expand their operations in Arizona; work with existing companies to grow their business in Arizona and beyond; and partner with entrepreneurs and companies large and small to create new jobs and businesses in targeted industries. Visit AzCommerce.com to learn more.