Angel Fund to Launch in Northeast Arkansas
May 18th, 2016 by Rebecca Norman
The Accelerate Jonesboro Angel Fund is being created with the goal of creating startups and jobs in Northeast Arkansas.
The Jonesboro Regional Chamber of Commerce announced the initiative on May 16.
The fund plans to make an initial investment round of $50,000. The application period for the first round of seed capital funding will close in August.
To be eligible for funding, prospective entrepreneurs will need to submit a business plan, funding application, and two-page executive summary plus pay a $500 fee. Eligible companies must be based in Northeast Arkansas and be organized as C-Corp legal entities either in Delaware or Arkansas.
Following submission of application materials, qualified businesses will pitch their ideas to the screening committee and participate in 15-20 minute question and answer sessions. If the committee opts to send businesses to the Due Diligence Committee, the committee will also hear each business presentation. Companies that pass the second round of approvals may then share their ideas with the Angel Investors Group.
The fund will operate on an annual basis.