The Southern Tier NY Angel Fund I, LLC is proud to announce that it has officially launched its operations. This private investment fund organized by business leaders from the across the Western Southern Tier region, in the counties of Allegany, Cattaraugus, and Chautauqua. The goal of the fund is to support the development and growth of businesses in the region that are capable of providing a return to investors and positively impacting the region. Members of the Angel Fund want to help build an entrepreneurial culture that supports the vision of a region where people want to visit, live, and do business.
The Fund will invest with a primary focus in the Region including Chautauqua, Cattaraugus, and Allegany Counties of New York, and a secondary focus in counties that are adjacent and contiguous to the primary region, including Erie, Wyoming, Livingston, and Steuben counties.
“To date, there has been a lack of capital and mentorship opportunities available to entrepreneurs in this part of NY. We formed the Southern Tier NY Angel Fund I, LLC to provide capital and expertise to entrepreneurs who have an opportunity to grow their business and create good jobs in the region,” said Southern Tier NY Angel Fund Chair, Craig Clark, Executive Director Allegany County Industrial Development Agency.
“We feel The Southern Tier NY Angel Fund I, LLC is an important asset for entrepreneurs and a key resource to creating a vibrant entrepreneurial ecosystem in the region,” said Executive Director of Southern Tier West Regional Planning and Development, Richard Zink. “Thank you to the Appalachian Regional Commission and all our angel investors that provided us with the resources to establish this fund.”
Not to be confused with a philanthropic fund, an angel fund is made up of individual investors (called angel investors or angels) who join together to invest collectively in early-stage, privately held businesses. The difference between angels and venture capitalists is that while both invest in businesses and take equity (own-ership) in those businesses, usually angels invest in seed, start-up, and early-stage businesses, while venture capitalists invest in later-stage businesses. These angels invest their own funds directly in a business at much smaller amounts ($5,000 to $200,000), unlike venture capitalists who invest $2 million and up.
If you are an accredited investor or an entrepreneur interested in learning more about the Southern Tier NY Angel Fund I, LLC please visit the website at http://www.southerntierangelfund.org/ or contact Angel Fund Chair, Craig Clark, at clarkcr@alleganyco.com.