CDVCA Member Portfolio Co. Tops SBA’s 2014 Lender’s Awards

November 24, 2014  |   CDVCA Ventures Blog   |     |   0 Comment

NewBank, a portfolio investment of East Coast Capital Holdings, a CDVCA member investment fund, received the FY 2014 Pinnacle Award by the Small Business Administration for making the most '7a/504'  loans.  

Bill Gates Invests in Indian Impact Venture Capital Fund

November 21, 2014  |   CDVCA Ventures Blog   |     |   0 Comment

Bill Gates has made an investment in Unitus Seed, an impact investment fund that focuses on Indian social enterprises, taking for the first the equity route to help drive social and economic change in India. The co-founder of Microsoft, who has been directing millions of dollars in grant capital to the country for years, has joined Indian origin investor Vinod Khosla and a group of Seattle-area techies in backing Unitus Seed. "Impact investing is a powerful model with the potential to build markets and drive change for the people who need it most," said Gates. Read more about it here.

SmartPak acquired by Henry Schein, Inc.

August 12, 2014  |   CDVCA Ventures Blog   |     |   0 Comment

Coastal Ventures’ portfolio company, SmartPak, saw a successful exit through acquisition by Henry Schein, Inc. (NASDAQ: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health and medical practitioners. Its U.S. Animal Health business, Henry Schein Animal Health, has entered into an agreement to acquire an approximate 60 percent ownership position in SmartPak, the leading provider of equine supplements and horse supplies across the United States.  SmartPak had sales in 2013 of approximately $105 million and expands Henry Schein’s product and service offering to the equine community.  Henry Schein Animal Health is a leading companion animal health distribution company in the United States. Over the past decade, SmartPak has been recognized at both the national and local levels, including ranking on the Inc. 500 /5000 lists of America’s Fastest Growing Private Businesses for nine consecutive years; being ranked as #249 on the Internet Retailer 500 and #35 on the Internet Retailer Social Media 500; selected as one of only 66 companies nationally to earn Bizrate’s Circle of Excellence Award (Bizrate powers Google’s reviews); earning StellaService’s highest possible service rating: Elite;  ranking among the Boston Globe’s annual Top Places to Work in Massachusetts; and receiving the Innovation Award from the Smaller Business Association of New England (SBANE).  Mr. Gisholt received the Ernst and Young Entrepreneur of the Year award for Consumer Products in the New England Region and has also been named one of the “Best Bosses” by Fortune Small Business and Winning Workplaces. Read more about ...

CDFI Fund Opens CY 2014 Round of New Markets Tax Credit Program

August 05, 2014  |   Industry News   |     |   0 Comment

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2014 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax credit allocation authority available for the CY 2014 round, pending Congressional authorization. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register later this week. The New Markets Tax Credit spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects and businesses in low-income communities. The credit provided to the investor totals 39 percent of the investment in a CDE and is claimed over a seven-year credit allowance period. The CDFI Fund has made 836 awards—totaling $40 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program’s inception.  More information about the NMTC Program can be found on the program’s website or in the program’s fact sheet.

CDVCA endorsement of SSBCI bill

July 14, 2014  |   Public Policy   |     |   0 Comment

CDVCA supports the ‘Small Business Access to Capital Act of 2014’ bill for its potential to stimulate job creation across the states by making available much needed capital to small businesses and leveraging private capital. CDVCA from its  experience managing the Innovate NY Fund, New York State's SSBCI funded venture fund of funds, has seen firsthand the impact of the 2010 funding round. Click here to view a one pager on the bill.  

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