Angola fund accepting applications

ANGOLA, Ind. (October 1, 2013) - Earlier in 2013, the City of Angola announced intentions to create an investment fund designed to support start-up and small business growth in the City.  The Angola Investment Fund received final approval of the Angola City Council on September 23rd, and is funded with $1 million form the City’s Major Moves fund. 

The Major Moves fund was created following the lease of the Indiana Toll Road to a Spanish-Australian consortium in 2006.  Major Moves funds were designated through the lease proceeds, to be invested in transportation and economic development projects in the State and each of the seven counties in which the toll road travelled. 

While certain guidelines were included in the ordinance approved by the Angola City Council, the fund will be managed by a committee of local business representatives, Trine University, Elevate Ventures and the Steuben County EDC.  Kathy Armstrong, who proposed the establishment of the Fund, will serve as the City Council representative.

General guidelines of the Fund include:

   - Industry sector eligible to apply – focused on energy, manufacturing, information technology and scientific research

   - Evaluation criteria which includes strength of the business plan, historic performance, industry sector, resumes of the   
     principals, job creation, average salaries and wages and capital investment

 

   - Requests of at least $20,000 but not more than $50,000 (investments of up to $100,000 may be considered for high-skill, high-
     wage projects)

   - The Fund will not invest more than 50 per cent of any eligible project.

The organizational meeting of the Angola Investment Fund Committee was conducted today at 5:00 pm, at the Angola City Hall.  The Committee adopted the Fund’s Policies and Procedures and discussed the application and scoring process at the meeting.  A time schedule for 2013 and 2014 was also agreed upon at the meeting, including the first deadline for applications of October 18th.

Anyone interested in learning more about the Fund should contact Kathy Armstrong at 260-316-3633 or by e-mail atkarmstrong@angolain.org.