Transcript WV Fish Health Certification: Results of Year 1

www.ncifund.org
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Statewide Information Sessions
Washington, Weldon, Lumberton, Troy, Morganton, King & Wilson, NC
12/19/07 – 1/22/08
Rick Larson, NC Program Director
Natural Capital Investment Fund l P.O. Box 271 l Chapel Hill, NC 27514
Phone: (919) 967-2223, ext. 113 l Cell: (919) 949-4724 l [email protected]
Natural Capital Investment Fund
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CDFI (Community Development Financial Institution) founded 2001
Affiliate of The Conservation Fund, national land and water conservation
organization based in Alexandria, VA
~ $2 M invested to date in 18 businesses in West Virginia; 0% losses
Expanded to North Carolina, Virginia, and NE Tennessee in 2007
Objectives:
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To provide increased access to debt and equity financing for entrepreneurs and
small business owners who cannot obtain conventional financing
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To support the creation of long-term, quality job expansion through the growth of
sustainable natural-resource based businesses
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To develop innovative public and private partnerships that stimulate local economic
expansion and support NCIF and its clients
NCIF Sectors
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Natural/organic & value-added Agriculture
Renewable Energy & Energy Efficiency
Recycling
Heritage and Eco-Tourism
Value-Added Wood & Forestry Products
Environmental & Green Enabling Technologies
Green Building Products/Services
North Carolina Funding Sources –
NCIF fills a gap
CAPITAL FOR NORTH CAROLINA
SUSTAINABLE BUSINESSES
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Equity
from :
$1,000,000
$500,000
Secured
Debt
from:
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Cleantech
VC Funds
(SJF)
$250,000
Senior
Lenders
Banks
$100,000
Farm
Credit
Equity/patient
debt from:
Secured
Debt
from :
IMAFs
Self-Help
Credit
Union &
Ventures
Fund
Angel Networks
NATURAL CAPITAL
INVESTMENT FUND
(Subordinated Debt, Equity)
$50,000
Secured & unsecured debt via microlending:
Rural Center, Good Work, Mountain BizWorks, etc.
LOW/LOW/IMMEDIATE
Founders/ Family
HIGH/HIGH/DELAYED
RISK/RETURN/REPAYMENT
CONTINUUM
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Angels
NCIF Investment Approach
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Natural resource-based enterprises with growth & job creation
potential
Start-up to expansion stage
Typical investment range: $35-250K
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Subordinated Debt or Equity
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Partner with other funding sources to share risk (traditional
senior lenders, community development lenders, etc)
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Technical assistance is key: provided by SBTDC, NC
entrepreneurial and sector-based organizations, NCIF staff, or
contracted outside consultants
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NCIF’s Partnership Approach
Rely on community and sector-specific partners to identify most
promising opportunities
Examples:
- State and local agencies: SBTDC, County/regional ED
agencies; Recycling Business Assistance Center, State Energy
Office, Extension Service
- Non-profits: TCF’s Resourceful Communities Program, RAFIUSA, NC Choices, Appalachian Sustainable Development,
- Other lenders/investors: Rural Venture Fund, Self-Help, IMAF,
SJF Ventures, national & community banks
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NCIF NC Investment Committee
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Carl Bond, USDA Farm Service Agency, Williamston, NC
Tom Byers, Self-Help Ventures, Asheville, NC
Jim Evans, Harrington Bank, Chapel Hill, NC
Bonny Moellenbrock, SJF Advisory Services, Durham, NC
Everett Wallace, Initiative Capital, Raleigh, NC
Archie Hart, NC Dept. of Agriculture, Raleigh, NC
Expertise in: SBA credit enhancement programs; rural business
lending; ag lending; natural products; equity investing; working
with minority and low wealth borrowers
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NCIF Portfolio Companies:
Value-added agriculture example
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West Virginia grown salsas, hot
sauces & jellies
Total financing $110,000 (NCIF
$60,000)
NCIF and 4C EDA financed
working capital and automated
filling equipment for expansion
NCIF secured grants for
technical assistance
NCIF Portfolio Companies:
Eco/heritage tourism example
Songer Whitewater, Inc.
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Whitewater rafting outfitter
Existing business expansion
NCIF provided $100,000 in working capital and
fixed asset financing and
leveraged another $60,000
from 4-C EDA
NCIF Portfolio Companies:
Forest products example
ImageTree
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Provider of integrated
information and analysis for
managing forests
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Equity - $8.75 M Series B
Round (NCIF $250,000)
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Financed sales &
marketing, and completion
of the technology build-out
NCIF sector expertise
useful with marketing
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