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Rural Venture Fund …

Rural Venture Fund …. Purpose

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Rural Venture Fund …

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  1. 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.

  2. 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)

  3. 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

  4. 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

  5. Rural Venture Fund…

  6. 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

  7. 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

  8. 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

  9. 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

  10. Rural Venture Fund … • Contacts: • Don Stewart, Director Cell: 919-605-5210 dstewart@ncruralcenter.org • Ashley Crane, Coordinator Office: 919-250-4314 acrane@ncruralcenter.org

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