Archives from month » June, 2010

Innovative Venture Capital Program To Bring Millions Of Dollars To Rural Colorado

The CAPCO program, which has been proven successful in several states, was awaiting to be enacted in Colorado back in 2001:

CAPCO program, which awaits governor’s signature, has spurred significant economic growth in several states and could bring same prosperity to Colorado.

The Certified Capital Company (CAPCO) program, a highly successful economic development initiative aimed at creating jobs and fueling entrepreneurial activity in Colorado, could bring at least $50 million of venture capital funding to the state’s rural and agricultural communities if signed by Gov. Owens. The program was adopted by the state legislature (HB 1097) last week.

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Was CAPCO a Political Casualty?

Back in 2000, Missouri Governor Mel Carnahan vetoed an extension of the CAPCO program despite the state’s need for funding for start-up companies:

There is a sense that senatorial politics cast a shadow over the extension of Capco funding in Missouri.

Missouri Gov. Mel Carnahan, who supported the original legislation which created the Capco program in 1997, vetoed an extension this year because he was concerned with cutting $13 million in expenses on an estimated $7.5 billion revenue projection.

Some observers speculate the governor wanted a squeaky clean fiduciary bill of health because of his political battle with incumbent Sen. John Ashcroft. Mr. Ashcroft takes special pride in his own budgeting abilities during his gubernatorial tenure.

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Certified Capital Companies (CAPCO)

The Midwest Technology Journal published an article discussing the benefits of the Missouri Certified Capital Companies (CAPCO) program:

Given the tremendous importance of small business to the Missouri economy – 95 percent of all companies and 35 percent of all jobs – it is remarkable that so few of the state-sponsored programs designed to stimulate economic growth are directed at assisting smaller firms. In Missouri, for example, only four of the 21 tax incentive programs designed to encourage investment and job growth are directed primarily at small business. This lack of support is even more inexplicable given the dynamic potential of small emerging businesses and the special problems that are unique to these firms – in particular, a lack of specialized managerial expertise and access to external sources of funding.

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