State Finance Authority Looking to Invest in Startups
by January 20, 2014 12:00 am 87 views
Entrepreneurs and their startups are encouraged by the Arkansas Development Finance Authority to apply this year for federal dollars issued by the State Small Business Credit Initiative, a program of the U.S. Treasury Department.
Gene Eagle, vice president of development finance at the state agency, said there is about $1.7 million still available for qualified businesses and that the finance authority is more than willing to invest.
“We’re trying to find more companies,” Eagle said.
Over the last two years, the finance authority has deployed about $10.5 million statewide in loan guarantees, matching funds and direct cash investments, particularly to startups considered too risky for banks.
Companies based in Northwest Arkansas, including Movista, Acumen Holdings, SFC Fluidics and NanoMech, have received significant support through the small business program.