NEW HAMPSHIRE BUSINESSES ELIGIBLE FOR EQUITY CAPITAL AND TECHNICAL ASSISTANCE RESOURCES FROM NEWLY FORMED SOCIALLY RESPONSIBLE VENTURE CAPITAL FUND
May 27, 2003
CEI Community Ventures (CCVI), a socially responsible venture capital fund, announced today that it has commenced operations of its New Markets Venture Capital Fund (NMVC) focused on supporting companies in New Hampshire’s economically distressed communities with equity finance and operational assistance resources. One of only seven such entities authorized by SBA, CCVI manages more than $10M in equity finance and $3M of operational assistance resources.
With its geographic focus in northern New England, CCVI will be the only NMVC operating in New Hampshire and will seek investment opportunities in communities within the following counties: Belknap, Carroll, Cheshire, Coos, Grafton, Hillsborough, Merrimack, Strafford and Sullivan (for specific areas within these counties, see http://www.ceicommunityventures.com/criteria/map_nh.htm).
Governor Craig Benson comments “Venture capital is a key driver of economic and entrepreneurial growth in our communities. CCVI offers an important program for New Hampshire, promoting job growth and environmental sustainability using venture capital and operational assistance. I am excited that they will be able to help build the next generation of successful New Hampshire companies.”
Stu Arnett at the Department of Resources and Economic Development (DRED) comments “CCVI’s focus on distressed communities will ensure that funds reach small and mid-sized companies that may be out of reach or not in a preferred sector for traditional venture capital. We believe this program fill an important gap in the financing market, particularly in underserved communities.”
In July 2001, SBA’s NMVC program ( www.sba.gov/INV/NMVC) gave conditional approval to seven organizations operating in different geographic regions to create and manage an equity investment and an operational assistance program, for which SBA would provide matching funds. The OAP is designed to support professional services that can help companies either become “equity-ready” or to help them execute their business plans once CCVI has made an investment. "The beauty of this program is that it will target low-income areas, providing more equity capital and technical assistance for starting and expanding businesses," said William K. Phillips, SBA's NH state director. "It will help stimulate the economy and create jobs in communities that need an economic boost."
CCVI’s President Michael Gurau commented “At a time when the venture capital industry is in a state of contraction, it is particularly exciting to bring a new fund to this region and, in particular, to underserved communities. New Hampshire has a tremendous entrepreneurial culture and I am looking forward to funding and working with growth-oriented companies in these areas.”
CCVI’s seeks to invest $100,000 to $500,000 from its own funds financing companies that support its social, environmental and financial goals. “CCVI seeks opportunities at all stage of development and across a wide range of market sectors from manufacturing to technology to service businesses. I encourage interested growth oriented companies and professional service providers (for the technical assistance program) to visit our web site at www.ceicommunityventures.com.”
CCVI has received financial support from New Hampshire organizations that include Banknorth and New Hampshire Community Development Finance Authority. CCVI works in partnership with many New Hampshire organizations including New Hampshire Community Loan Fund, Northern Community Investment Corporation, New Hampshire Manufacturing Extension Partnership, Ernst and Young ( Manchester ), Cook Little Rosenblatt and Manson, and Brown Design of Portsmouth.
CCVI is a for-profit subsidiary of Coastal Enterprises (www.ceimaine.org), a nationally recognized Maine based community and economic development organization.
Contact: Michael Gurau, President Tel: 207-772-5356 x123 Email: mhg@ceicommunityventures.com
