VERMONT BUSINESSES ELIGIBLE FOR EQUITY CAPITAL AND TECHNICAL ASSISTANCE RESOURCES FROM NEWLY FORMED SOCIALLY RESPONSIBLE VENTURE CAPITAL FUND
June 2, 2003
CEI Community Ventures (CCVI), a socially responsible venture capital fund, announced today that it has commenced operation of its New Markets Venture Capital Fund (NMVC) in Vermont . The fund is designed to provide venture capital to companies in low-income communities. CCVI will provide qualified businesses in these communities with equity financing and operational assistance resources. CCVI will seek investment opportunities in the following counties of Vermont : Addison, Bennington , Caledonia, Chittenden, Essex, Franklin, Lamoille, Orange, Orleans, Rutland, Washington and Windham (for specific areas, see http://www.ceicommunityventures.com/criteria/maps.htm).
CCVI is one of seven entities licensed by the U.S. Small Business Administration (SBA) to provide venture capital investment and an operational assistance program, for which SBA will provide matching funds. The operational assistance program will support professional services in helping companies either become “equity-ready” or in helping them execute their business plans. With its geographic focus in northern New England , CCVI will be the only NMVC operating in Vermont and will manage more than $10 million in equity funding and $3million of operational assistance resources.
At a press conference at the Vermont Business Expo, Governor Jim Douglas said “I am pleased to welcome CEI Community Ventures, Inc. into Vermont . It is good to see investors willing to put their money into Vermont businesses and I appreciate the good work of CCVI and other venture firms already located in Vermont.”
CCVI’s President Michael Gurau commented “At a time when the venture capital industry is contracting, it is particularly exciting to be bringing new venture capital funds to the underserved communities of Vermont. Vermont has a tremendous entrepreneurial culture, and I am looking forward to finding, funding and working with growth-oriented companies in these areas.”
SBA’s Vermont District Director, Kenneth A. Silvia, says “Equity capital has been a significant historical barrier, but SBA’s matching fund program will provide unprecedented opportunities to entrepreneurs in Vermont ’s low-income communities.”
With financial support from the Vermont Community Foundation, Banknorth, Chittenden Bank and others, CCVI will seek to invest $100,000 to $500,000 in companies that support its social, environmental and financial goals. “CCVI’s triple bottom line focus fits particularly well with Vermont’s own attentiveness to environmental issues,” comments Gurau.
CCVI will work in partnership with a number of Vermont organizations, including Vermont Community Loan Fund, Northern Community Investment Corporation, and Cope & Associates. “CCVI looks forward to working with its partners and with existing venture capital organizations such as Fresh Tracks Capital as it endeavors to support Vermont businesses. I encourage interested companies and professional service providers to visit our web site at www.ceicommunityventures.com,” Gurau added.
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
