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A bureau within the U.S. Department of Commerce
Funding Opportunities Background

Loan Fund

Geonetric, Cedar Rapids, Iowa

Geonetric, Cedar Rapids, Iowa
Geonetric began in 1999 in Cedar Rapids, Iowa by providing web application development generally, but it quickly recognized the potential of - and coalesced around - the healthcare market. Currently, they build and support VitalSite CMS, a healthcare specific content management system. They received $150,000 in ECICOG Revolving Loan Fund (RLF) money to help purchase computers and other working capital. At the time of their application in 2010, they had 9 employees and estimated they would expand to 35-54 within three years. Currently, they have 63 employees.

“The RLF through ECICOG helped us grow the company more quickly, especially at a time when credit markets were more turbulent than usual,” said Eric Engelmann, Geonetric President and CEO. “The attractive terms were wonderful for a business like ours; it has been a fantastic resource and key part of our growth.”

For several years in a row, they have been recognized by the Corridor Business Journal as one of the fastest growing companies in the area. It was also named to the “Coolest Places to Work” list by Corridor in 2013. In the spring of 2014, Geonetric moved into a new building and, in partnership with the non-profit Vault Coworking, dedicated the second floor as a business incubator space. They hope to launch 100 or more startups during the next few years.