Capital Building
Where to find the money you need.
More capital" is the clarion call of many entrepreneurs.
Organizations nationwide are answering with offerings ranging from
loans to investment capital. Following is a roundup of some of the
programs available. - Venture capital firm Zero Stage Capital 6 recently received $15
million from limited partners in Rhode Island and is seeking
technology companies in that state looking for $500,000 to $5
million investments.
The fund is looking for businesses in all stages of development
that have the potential to become leaders within their
industries. Zero Stage Capital 6 also has partners in Connecticut, Maine,
Massachusetts and New Hampshire bringing the total available
capital up to $140 million in New England. To start the process,
prepare an executive summary and contact vice president and fund
manager for Rhode Island Mark Thaller at mthaller@zerostage.com or (617)
876-5355, ext. 110. - Pacesetter Growth Fund invests in companies that have
minorities on their ownership teams. The $46.5 million fund targets
second-stage communications companies, electronics manufacturers
and firms in the food-processing industry. It invests $2 million to
$5 million primarily in companies located in the Southwest, but it
will consider those in other areas as well.
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Call (972) 991-1597 for information or to submit your business
plan. - New Jersey's Economic Development Authority (EDA) has
established several capital programs to fund businesses. The New
Jersey Seed Capital Program, for example, lends $25,000 to $200,000
to new and growing technology companies that have physical
locations. This revolving loan program has $3 million to lend.
Contact the EDA at cld@njeda.com or (609)292-0187 for more
information on this and other programs. - Realizing that fledgling businesses take time to become
financially stable, voters in Maine have created the $5 million
Small Enterprise Growth Fund, which allows borrowers to defer loan
principal and interest payments for up to three years.
Entrepreneurs can apply for as much as $150,000 in debt
financing, but they must be able to match the amount borrowed
dollar for dollar. The fund will consider companies with a tested
or patented product in any industry, but gives more attention to
firms in the computer software and hardware development, marine
science and biotechnology industries. For more information, contact the fund at segf@famemaine.com or
(207)623-3263. - The International Association of Black Millionaires is composed
of entrepreneurs and investors that include athletes, entertainers,
venture capitalists and angels. Group members--who control $53
billion in investment capital--invest from $25,000 to $20 million
in minority-owned firms as well as other growing companies that
serve ethnic markets.
The association hosts two annual events to facilitate networking
between entrepreneurs and investors. The Millionaire Makers
weekend, to be held this year in Dallas in November, resembles a
venture capital forum and presents 10 to 15 carefully vetted
companies to investors. The Millionaire's Ball, to be held this
month in Atlanta, recognizes an investor and an entrepreneur of the
year and offers a social setting in which entrepreneurs can meet
potential backers. Both events are open to the public. The association also publishes The Investors Bulletin,
where those seeking capital can detail what they're looking
for. Call (972) 233-9107 for more information on the association.
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