Advantage Capital and The Idea Village Partner to Provide Relief Grants to Local Entrepreneurs
FOR IMMEDIATE RELEASE
November 18, 2005
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With the slow pace of government-led financial relief for Hurricane Katrina victims, The Idea Village established the fund to provide emergency grants for short term working capital to qualified businesses.
"This grant program complements our efforts to support small businesses with investment capital," said Michael T. Johnson, an Advantage Capital principal. "All
The companies receiving the grants were approved based on their pre-Katrina status as businesses operating in a low-income community, defined by the federal New Markets Tax Credit Program, and grant applications providing information about their post-Katrina needs and their commitment to rebuild in
The recipients of The Idea Village Business Relief grants are:
Anthony Patton, EBONetworks; Beverly McKenna, The Tribune; Preston J. Edwards, Sr., IMDiversity Inc.; Loretta S. Harrison, Loretta's Authentic Pralines.
"The venture capital community is a critical component to growing successful companies," said Tim Williamson, president of The Idea Village. "We applaud Advantage Capital's leadership in providing capital solutions to the entrepreneurial community. We have focused these grants on unique local companies and the local media that communicate critical news of the recovery to our displaced citizens, including job opportunities and other incentives to bring them home."
One of the grant recipients, Loretta Harrison of Loretta's Authentic Pralines, said she will use the grant to help buy inventory for the holiday season. "Loretta's is a 25 years old company and we plan to be here another 25 years. This grant will help us get through the important holiday selling season."
Many affected firms need short-term working capital or professional consulting to get back on their feet. Advantage Capital is one of many
To apply for future grants, businesses may go to www.ideavillage.org and fill out the form under Post Katrina Updates. A total of $90,000 has been awarded to 31 companies through The Idea Village Business Relief Fund since Hurricane Katrina.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a private equity firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices and partners in New Orleans, St. Louis, New York, Washington, D.C., and other cities, Advantage has raised more than $700 million in institutional venture capital since 1992 and invested in companies located in geographic areas where little venture capital or venture capital infrastructure exists -- or where capital is only available for mature companies.
About The Idea Village
The Idea Village, an independent 501 (c)(3) non-profit organization devoted to supporting entrepreneurial ventures in the region, recently established The Idea Village Business Relief Fund, an emergency grant-making program for qualified small businesses. Companies, foundations and individuals have donated relief dollars to sponsored funds and work with The Idea Village to define criteria for the fund allocations. Since its formal inception in 2002, The Idea Village has become the primary driver for entrepreneurship in