State fund details released

State fund details released

Posted: Monday, February 13, 2012 10:25 pm

The Tennessee Technology Development Corporation has released final details of the INCITE Co-Investment Fund, including the Qualified Investment Application, Co-Investment Agreement, and Required Terms.
All these documents, as well as revised program guidelines and other information pertaining to the program, can be viewed on TTDC’s website at www.tntechnology.org/incite.
“The INCITE Co-Investment Fund will provide much needed access to capital that will spur the growth of innovative companies in our state,” state Commissioner of Economic and Community Development Bill Hagerty said. “I encourage interested parties to submit an application and be a part of making Tennessee the No. 1 location in the Southeast for high quality jobs. I applaud Governor Haslam’s foresight and willingness to help sow the seeds for entrepreneurial growth in Tennessee.”
The INCITE Co-Investment Fund was created by the state department to increase access to seed-, early- and expansion-stage capital for Tennessee businesses using $29.7 million in federal funds.
Funding was awarded to Tennessee by the U.S. Department of the Treasury as part of the State Small Business Credit Initiative.
The TTDC is administering the program on behalf of the state Department of Economic and Community Development.
“The INCITE Co-Investment Fund will connect the state’s high-growth, high-potential businesses and their investors with additional capital to support these businesses through critical stages of growth.” Dr. Leslie Wisner-Lynch, president and CEO of TTDC said. “We are pleased to serve as the Fund’s administrator and look forward to opening the second application phase later this month.”
The TTDC also announced that Qualified Investment Applications can be submitted starting at 3:30 p.m. CST on Wednesday. Inquiries about INCITE Co-Investment Fund can be emailed to incite@tntechnology.org.

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