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IEDC rolling out $1M diversity investment fund

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The Indiana Economic Development Corp. is launching a $1 million investment fund targeting businesses owned by women, minorities or veterans that have high growth potential.

The IEDC is partnering with the private investment manager Elevate Ventures on the Indiana Diversity Investment Fund. The fund will be a subprogram of the Indiana Angel Network, a seed and early-stage program that’s part of the U.S. Department of Treasury’s State Small Business Credit Initiative.

"Diversity strengthens our state," Gov. Mike Pence said in a statement. "As women, minority and veteran-owned businesses grow, these firms will employ more people in our state. Diversity matters and leads to stronger communities and job creation."

The diversity fund will target Indiana businesses owned and managed by women, minorities and veterans that have annual revenue of less than $3 million in the two most recent fiscal years. Fund managers will seek to invest in companies with sustainable competitive advantages, scalable busuiness models and the potential for meaningful job creation.
 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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