COLUMBIA, Md. (April 15, 2015) – BTS Software Solutions, a leading software development company that uses technology to create impactful solutions for communities including Warfighters and individuals who are deaf or hard of hearing, has been awarded a Catalyst Loan by the Howard County Economic Development Authority (HCEDA).
The Catalyst Loan Fund is a locally managed source of capital from Maryland’s Small, Minority and Women-Owned Business loan fund, which receives a percentage of Video Lottery Terminal VLT revenue from Maryland casinos. HCEDA is a designated fund manager.
“Thanks to the Catalyst Fund, we’re able to provide loans to start-ups and expanding businesses like BTS Software Solutions, whose growth will create permanent jobs and leverage private sector investment in Howard County,” said Lawrence F. Twele, CEO of HCEDA. “We look forward to our partnership with BTS Software Solutions to help increase economic and employment growth for Howard County.”
With this new funding, BTS Software Solutions plans to expand both its Government Solutions Division and Commercial Solutions Division as well as grow its newest business unit, Verb8tm©. The company’s Government Solutions Division has recently secured government contracts in a number of categories, increasing opportunities for sole source and set-aside awards that directly translate to new jobs and revenue for the County. The Commercial Solutions Division is also accelerating its growth through current and new awards by maintaining an approximate 75 percent conversion rate. This funding will also help BTS Software Solutions promote its newest advancement, Verb8tm©, in an effort to better serve deaf and hard-of-hearing individuals in Howard County using state-of-the-art technology that turns audio content into incredibly accurate audio transcriptions and captions. Approximately 23 million Americans have difficulty accessing audio programming due to hearing loss, and this number is expected to grow as the number of senior citizens triples by 2050. Currently, Howard County is home to an estimated 87,000 seniors, many of whom are hard of hearing.
“We were immediately drawn to Howard County for our headquarters because of its amenities and close proximity to Baltimore and Washington, D.C. The county is home to a unique group of highly-skilled individuals, and since the end of last year, we have added 27 new jobs and project to add another 10 to 15 over the next six months,” said David Tohn, CEO of BTS Software Solutions. “This new funding will also enable us to use Verb8tm© to help the county’s deaf and hard of hearing communities. Verb8tm© provides highly accurate and affordable transcripts and near real-time speech-to-text captions to address problems across multiple sectors. By working with local radio programs as alpha customers, we can better serve the county and surrounding communities.” Tohn goes on to say, “We are very excited for this opportunity and have high hopes for our partnership with Howard County.”
HCEDA is “a public-private partnership whose primary goal is to promote economic growth and stability by supporting existing businesses, targeting new businesses and attracting corporate and regional headquarters” to Howard County, Md. The Catalyst Loan Fund is one of the many ways HCEDA maintains their commitment to support local economic growth for entrepreneurs and small businesses.
About BTS Software Solutions
BTS Software Solutions is a team of service-minded professionals who create impactful solutions for our community’s real and complex communications problems. As a Service-Disabled Veteran-Owned Small Business, BTS Software Solutions holds Service to our Community as its core value. From serving Warfighters to individuals who are deaf or hard of hearing, it believes that good companies provide good service to those in need. BTS Software Solutions’ creative and energetic engineers and PhDs lead their fields with 30 patents and over 40 peer-reviewed articles. Its portfolio includes mobile technologies, advanced applications, enterprise-wide development, and applied research in cognitive science, speech-to-text technology, and cutting edge data compression technologies. For more information, please visit www.bts-s2.com.