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NJEDA Approves Investment into Innovate Capital Growth Fund to Support Early-Stage NJ Companies - ICGF Focuses on Investing in Minority- and Women-Own
Earlier this week, the New Jersey Economic Development Authority (NJEDA) announced that its Board has approved investing up to $1 million into Innovate Capital Growth Fund (ICGF) through a limited partnership investment.
ICGF, a Delaware limited partnership, was created last year to provide growth capital, primarily in the form of equity, to minority- and women-owned businesses located substantially in the Mid-Atlantic region. ICGF is expected to invest an additional $2 in New Jersey-based companies for every $1 the NJEDA commits. This would result in a target of $3 million of capital invested into New Jersey companies.
The Fund will be managed by Innovate Capital Growth GP, LLC, which is owned in part by CCSNJ member, The Enterprise Center (TEC). TEC is a nationally recognized community economic development center in Philadelphia that focuses solely on advancing economic growth by connecting minority- and women-owned companies with business, capital, and community. TEC operates three federally contracted business centers, including the Camden Cares Business Center. The Camden Cares Business Center employs nearly 10 percent of TEC’s investment and operations professionals. TEC also operates a certified Community Development Financial Institution (CDFI). Across all of these instruments, TEC has helped small businesses earn more than $1 billion in contracts and financing, secure more than $7 million in start-up loans, and created more than 3,000 jobs for the local community.
ICGF was awarded a Small Business Investment Company (SBIC) license from the United States Small Business Administration. Having this designation will enable the firm to access a wider pool of capital from private lenders and banks that may support companies in their portfolio.
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