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March 11, 2016

Senate allocates $10M in funding for Invest Georgia

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Georgia's Fiscal Year 2017 budget is now under consideration by a conference committee where appropriators will reconcile differences between the original House version of HB 751 and the Senate passed version.  Among the Senate changes is a $10 million line item for the Invest Georgia program.  Invest Georgia is a public-private partnership established by the state in 2013 "to improve success opportunities for Georgia-based businesses incubated and growing" right here at home.

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The Invest Georgia website summarizes the need for the program as such:

 

"Early and growth stage companies almost always encounter a capital access problem between initial business funding and institutional expansion funding. The Invest Georgia program creates an environment where companies are encouraged in bridging that gap."

The proposed FY2017 appropriation would be the second funding installment for the program which by law is capped at $100 million.  Initial program funds in the amount of $10 million were received in 2015.  The IG program has in turn begun the process of committing the first tranche of capital to venture capital funds for investment in Georgia-basesd early and growth stage companies.

For more information on how the fund of funds program works, check here.