Eastern States

Companies in the recycling, remanufacturing and environmental industries that create jobs in rural and urban economically distressed areas can apply for financing of $50,000 to $1 million from the Sustainable Jobs Fund (SJF). Targeting firms in the Eastern United States, this fund offers seed, expansion and growth capital to entrepreneurs who will create quality jobs in areas that haven't benefited from the nation's economic boom.

According to co-founder and managing director David Kirkpatrick, the investment provided is "patient" capital that can be either subordinated debt, royalty debt or straight equity, and no repayments are required during the first year. Typically, repayment is done over five to six years, with an interest rate in the low 20 percent range.

To be eligible, companies should have strong growth potential and well-thought-out business plans. Ideally, fund managers would like the firm to be considering opening additional branches, but that isn't a requirement. For information about SJF, call (919) 933-6059.

This article was originally published in the September 1999 print edition of Entrepreneur with the headline: Eastern States.