Posted 8/27/2012 12:00 am
Arkansas Capital Corp., founded in 1957, is a private, nonprofit business development corporation that promotes economic development in Arkansas by providing financing to startups and expanding businesses across the state. Most of its loans are guaranteed by the U.S. Small Business Administration.
Six Bridges Capital Corp. was established in 1989. It is a private, nonprofit provider of SBA 504 loans, which typically involves the SBA providing 40 percent of the total project costs, the borrower putting in 10 percent and the lender providing up to 50 percent of the costs. The program provides long-term, fixed-rate financing to expanding businesses.
Arkansas Capital Relending Corp., started in 1998. It is a private, nonprofit provider of loans to small companies through the U.S. Department of Agriculture’s Intermediary Relending Program. The program is designed for use in the rural areas of Arkansas.
Arkansas Economic Acceleration Foundation is the founder of the Donald W. Reynold’s Governor’s Cup. AEAF was founded in 1999 and is a nonprofit organization that “endeavors to be the catalyst in the creation of an environment that will attract, develop and retain entrepreneurial opportunities within the state of Arkansas,” according to ACCG’s website.
Diamond State Ventures was established in 1999 and is a for-profit venture capital fund. It has invested $45 million in patient capital across a broad spectrum of early-stage, expansion and management buyout opportunities.
Heartland Renaissance Fund started in 2002 and is dedicated to “stimulating economic activity in disadvantaged areas in Arkansas,” according to ACCG’s website. It currently has more than a $140 million allocation of new market tax credits and is working with private and public lenders to use the credits for projects in the state.
Connect Arkansas was founded in 2007 and is a private, nonprofit corporation that will help “develop and implement a comprehensive plan for statewide broadband deployment,” ACCG’s website said.
Pine State Capital is the newest member of the group. It was founded this year and will be a conduit for direct foreign investment throughout Arkansas. “This capital will be used to support a variety of projects that results in the successful creation of new jobs,” ACCG said on its website.