Friday, May 29, 2009

Innoventures Gives $150K Loan To IntelliSchematic

Salt Lake City-based InnoVentures Capital said Thursday that the firm has loaned $150,000 to IntelliSchematic, which is developing a web-based application to help mechanics troubleshoot machinery. IntelliSchematic is located in the small town of Alpine, Utah, between Salt Lake City and Orem. Innoventures said the funding came from its USDA lending program; the USDA provides loans to local organizations to increase employment in rural communities. Innoventures said it has funded five other Utah companies under the funds.