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Alliance Startup Fund
The Alliance Startup Fund supports entrepreneurs interested in growing their big ideas into big companies in the City of Alliance by offering payment-deferred, low interest loans of up to $35,000.
The program is targeted to early stage tech-based businesses that have the potential to go on to raise additional capital, generate significant revenue and create jobs in the region. Interested entrepreneurs can apply to be considered for this attractive loan that can be used to make their company more attractive to pre-seed investors and bring their technology to market.
Successful loan applicants also receive free business counseling and potential connections to other resources in the region through the JumpStart Entrepreneurial Network.
- Loans can be up to $35,000
- Interest rate of prime
- Payments deferred for five years or until;
- Significant financing event (greater than $1.5 million)
- Sale of company or substantial (= > 51%) company assets
- Failure to comply with terms of agreement (e.g., leaving the City of Alliance)
- Loan proceeds must be used for a specific project or initiative that will bring the company closer to achieving pre-seed funding.
- Loan is secured by the personal property and assets of the company.
- Must be a high-growth company deemed by the selection committee to have excellent prospects for raising venture capital in the future
- Must be located in the City of Alliance
- Must be either a virtual or physical client of Technology Accelerator Alliance (TA2) or sponsored by the industry-appropriate Entrepreneur-in-Residence (EIR) from the JumpStart Entrepreneurial Network
Vince A. Marion, Director, City of Alliance, at 330.829.2235 or firstname.lastname@example.org.
This fund was developed by the City of Alliance in collaboration with JumpStart Inc. and with the support of TA2, the University of Mount Union and Alliance Area Development.
For more details on the hyper-local fund for entrepreneurs and its review process, visit www.cityofalliance.com.
“We’re already very active in traditional economic development activities: building infrastructure, business attraction and business retention,” explains Vince A. Marion, Director, City of Alliance. “In creating a hyper-local fund, we’re demonstrating our commitment to supporting our community’s entrepreneurs and to inspiring new business creation and growth in Alliance.