Appalachian Regional Commission
06/15/12 5:00 PM EDT
Awards will be made to eligible Appalachian region entities to support angel funds designed to provide start-up and expansion capital for businesses in the area. Technical assistance grants will be provided to local communities for the formation of new or performance improvement of existing angel funds, and a grant of up to $30,000 will be provided to a qualified local organization for the formation of a new fund.
Selected applicants are anticipated to raise over $1 million each in local investment capital in angel investment funds for early-stage and/or expanding companies.
An experienced manager of angel investment funds, RAIN Source Capital is under contract with ARC to provide the selected entities the technical assistance to form an angel fund(s). Entities will apply to ARC to receive technical assistance to form an angel fund. RAIN Source Capital will provide in-person, on-site technical support for the formation of these funds, to include: meeting with the key angel investor/leaders to discuss fund structuring options; fundraising support to capitalize the fund; and management of the organizational meeting of the angel fund. RAIN Source Capital may be retained by the local angel fund to manage ongoing activities, or the angel fund could be managed locally.
More information on RAIN Source Capital is available at www.rainsourcecapital.com
GrantWatch ID#: 128591
Technical assistance - 4; Direct support - 1
Direct Support - up to $30,000
To be successful, entities will need to demonstrate their ability to:
1. Convene a group of angel investors who have the interest, the risk tolerance, and the appetite to invest in local and regional early-stage companies;
2. Partner with organizations that can generate a flow of deals with appropriate growth potential that would be attractive to a group of angel investors.
3. Identify the capacity, either internally or through partner organizations, to support the due diligence, monitoring of portfolio companies, and provision of ongoing angel fund administrative support.
The Appalachian region is identified as all of West Virginia and parts of Alabama, Georgia, Kentucky, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia.
Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.
Federal - State partnership
USA: Alabama; Georgia; Kentucky; Maryland; Mississippi; New York; North Carolina; Ohio; Pennsylvania; South Carolina; Tennessee; Virginia; West Virginia