Rockefeller Rally?

Arkansas is apparently not out of the running to become the next haven for developing companies.

American Venture Resource Association and the affiliated AVRA Financial Inc. have apparently had some good meetings recently with the $143.3 million Winthrop Rockefeller Foundation in Little Rock. AVRA is a national equity guarantee insurance program that’s designed to spark economic development while mitigating the risks associated with entrepreneurial ventures.

Several states, including Arkansas, are vying to be the first to launch AVRA in hopes of becoming the next Silicon Valley or Golden Triangle. It was thought that Pennsylvania or Texas had the jump on Arkansas.

But an effort led by John Lewis, chairman, president & CEO of The Bank of Fayetteville and the out-going Rockefeller Foundation chairman, appears to have given the state a shot at getting the program here first. The hold up is what was initially expected to be a $7.5 million reserve fund for guarantees.

Entities such as institutional investors, large businesses, foundations and banks were sought to put up the money.

AVRA has submitted a revised proposal to the Rockefeller Foundation, and both Dr. Allan Isen, AVRA’s founder, chairman and president, and Lewis are optimistic.

“[The foundation] really wants to be a leader in the creation of venture capital in Arkansas,” Lewis said. “That’s the one building block that we still really, really need.”

Isen said if things go well, AVRA could be operating in Arkansas by February or March.

AVRA’s management team has a combined 300 years of Wall Street financial experience.