Rural Venture Fund
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Rural Venture Fund

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Rural Venture Fund Rural Venture Fund Presentation Transcript

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  • Rural Venture Fund … Purpose To provide needed capital to an existing un-served market of small, growing, profitable North Carolina businesses with future job creation potential. The Fund will fill a gap that is not met by other organizations in the commercial banks, intermediary lending, venture capital or angel fund field.
  • Rural Venture Fund …
    • Funding :
    • N.C. Rural Center : $2,500,000
    • GoldenLEAF: $ 500,000
    • N.C. General Assembly: $ 3,800,000
    • Total Capital: $6,800,000
    • UNC System: $75,000
    • (Technical Assistance)
  • Rural Venture Fund …
    • Elements :
    • New source of equity-like capital for existing
    • businesses
    • Priority given to businesses in Tier 1,
    • economically distressed counties
    • Options range from subordinated debt to
    • equity deals
    • Terms of ROI less demanding; 5-10 yr plans
    • Range from $50,000 to $350,000
  • Rural Venture Fund …
    • Elements, cont’d :
    • Existing businesses only; no start-ups
    • Job growth potential required
    • Fund will collaborate with SBTDC and UNC
    • School System for intake and due diligence
    • Businesses agree to tailor-made package of
    • technical assistance as recommended by
    • SBTDC staff.
    • Packaging tranches from different funding
    • sources
  • Rural Venture Fund…
  • Rural Venture Fund …
    • University Partners:
    • Western Carolina University
    • Appalachian State University
    • N.C. A & T University
    • N.C. Central University
    • N.C. State University
    • UNC Pembroke
    • East Carolina University
  • Rural Venture Fund …
    • Fund Structure:
    • Two Advisory Groups
    • RVF Advisory Board
    • - consists of 7 individuals
    • - meets as needed to discuss Fund
    • progress
    • RVF Investment Committee
    • - consists of 7 individuals
    • - meets quarterly, or as needed, to review due
    • diligence and make deal recommendations
    • Investment decisions made by Rural Center
    • President and VP of Rural Development
    • Programs
  • Rural Venture Fund …
    • Deal Structure Scenario:
    • Convertible Subordinated Mortgage Bonds
    • 5 year interest only payments
    • Junior collateralization position
    • Ability to convert debt to equity after
    • specified time period
  • Rural Venture Fund …
    • Outreach & Marketing:
    • Statewide regional sessions in operation
    • Sessions strategically located within
    • Tier 1 “clusters”
    • Collaboration with NCIF of The Conservation
    • Fund
    • Collaboration with SBTDCs
  • Rural Venture Fund …
    • Contacts:
    • Don Stewart, Director
    • Cell: 919-605-5210
    • [email_address]
    • Ashley Crane, Coordinator
    • Office: 919-250-4314
    • [email_address]
  •