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 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.
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 ...
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 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.