Invest Georgia Hires Fund Manager
This week Georgia’s venture funding program Invest Georgia announced that LCG Associates was selected as the investment consultant to manage the $10 million in state funds going into the program, which the Atlanta Journal-Constitution reported has been “long stalled.” LCG will have a one year contract as the fund manager, and was chosen out of a pool of three finalists. Invest Georgia board member Charles Thompson said LCG was selected due to its “purposeful approach” to fund management. The fund, first launched in 2013 by supporters including Lt. Gov. Casey Cagle and the Metro Atlanta Chamber, has suffered from a lack of allocated funds from lawmakers in the first year. The $10 million on hand in 2015 “came only after Gov. Nathan Deal shifted money from the higher education system for the program.” Despite setbacks to the program, Invest Georgia executive director Knox Massey said, “I’m encouraged. It took a little time, but now it’s speeding up. We’re going through the process to make sure we’re doing everything we can to build out the platform to ensure it’s more efficient when we receive additional funding.”
What This Means For Small Businesses
Small business owners across Atlanta may benefit from the Invest Georgia program, which is designed to provide funding for in-state startups and companies in the early stages of growth. News that the program now has an investment manager is an encouraging step forward for the state’s small business community, as it means the state’s small businesses are moving close to being able to take advantage of investments from the program.
Additional Reading
NFIB previously reported advice on how to start an Atlanta business.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
