Wednesday, October 21, 2009

New Money for New Businesses

Vermont entrepreneurs looking for money to start a business have a new source of cash thanks to a state investment fund, but competition is going to be fierce. Seven Days reports that the Vermont Entrepreneur’s Seed Capital Fund is a revolving investment fund created by the legislature to help new, high-tech companies get off the ground and is the state’s latest economic development tool. Using $3 million in state and federal funds, and eventually up to $5 million more in private money, the fund will begin making investments of $25,000 to $600,000 as soon as January in a dozen or so start-up firms seen as the future of Vermont’s economy.