CAPCO Programs

A New York CAPCO program portfolio company, iCardiac, recently expanded its headquarters by over 40% with the opening of the global project management center:

iCardiac Technologies, Inc., a leading global provider of cardiac safety assessment services, today announced that the company has expanded its headquarters by over 40% to support the accelerating demand for the company’s best-in-class cardiac safety solutions. The expansion also includes the creation of a global project management center to enhance iCardiac’s ability to support an increasing number of multi-continent Phase II and III studies.

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Senator Jim Alesi is working with Speaker Sheldon Silver to pass legislation in New York that authorizes a CAPCO program:

Republican Sen. Jim Alesi, who has broken ranks with his party to support gay marriage, and done so vocally, is now promoting his work with Speaker Sheldon Silver, a Democrat and someone Republicans in upstate New York have made a habit of characterizing as a villain.

“Senator Alesi teams with Speaker Silver to assist New York businesses,” read the headline on Alesi’s news release: “Senator Jim Alesi (R,C,I – Perinton) and Assembly Speaker Shelly Silver joined forces to pass legislation that will assist businesses in New York State receive capital that is not available from traditional commercial banks through all stages of development – prestart-up, start-up, expansion, or survival.”
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New York may be renewing its CAPCO program for the first time since 2005:

NYS Senator Joseph P. Addabbo, Jr., (D-Queens) is pleased to announce that he is a co-sponsor of  legislation (S.5587) introduced in the Senate by Senator James Alesi (R-Rochester) that would amend the state’s tax law to authorize the state to license six certified capital companies to raise $150 million in private venture capital from insurance companies in order to assist New York businesses that require funds not available from traditional commercial banks through all stages of development:  pre-startup, start-up, expansion, or survival.  In exchange for investing in qualified businesses, the insurance companies would get premium tax credits, with such issuance to be delayed four years. While the economic benefits of the program begin almost immediately, the delayed tax credits would have no fiscal impact to New York State until 2015. Read more »

SOMS Technologies has worked with Advantage Capital Partners for two years through the state’s CAPCO program:

The second quarter was a quiet one for venture capital finance in Westchester, with only several companies reported as tapping into $4.58 million in funding.

More than half of it, $2.65 million, was raised by a single company – SOMS Technologies L.L.C. of Valhalla, according to the quarterly MoneyTree Report released by PricewaterhouseCoopers and the National Venture Capital Association, using data from ThomsonReuters.

SOMS Technologies raised the $2.65 million in a Series A venture round co-led by Advantage Capital Partners and Rand Capital Corp., with several individual investors.

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Back in 2008, Advantage Capital Partners raised over $3 million through the New York CAPCO Program for Niagara Dispensing Technologies, Inc.:

Advantage Capital Partners, a leading venture capital and small business finance firm, today announced participation in a $3.6 million funding round for Niagara Dispensing Technologies, Inc., a highly-automated carbonated beverage dispensing company located in Western New York. Advantage Capital led the round, with other participating investors including Rand Capital and The Erie County Industrial Development Agency (ECIDA). The funding will be used to support the company’s continued growth.

“Closing on this funding is a major milestone for our company, as it will catapult us into the next phase of development for our beer dispense system technology,” said Thomas Gagliano, CEO of Niagara Dispensing Technologies. “We have an excellent product and now have the resources to grow our business and continue to improve our capabilities.”

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SOMS Technologies received funding from Advantage Capital Partners through the New York CAPCO Program:

Advantage Capital Partners, a leading venture capital and small business finance firm, has made an investment in SOMS Technologies LLC, the manufacturer of the microGreen(tm) vehicle engine oil filter. The microGreen filter is a “green” product that utilizes a patented filter technology designed to keep engine oil cleaner, extending the oil life up to 30,000 miles. The funding will be used to support the company’s continued growth.

“This financing comes at a crucial time, as we prepare to expand our marketing and sales efforts,” said Miles Flamenbaum, CEO of SOMS Technologies. “Advantage Capital’s investment will enable our company to continue to grow, helping more customers save time and money on their oil changes. Our microGreen oil filter helps customers protect the environment by reducing oil consumption and the generation of hazardous waste.”

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The CAPCO program in New York received additional funds:

Reaffirming the strong economic performance of New Yorks Certified Capital Company (CAPCO) program, state lawmakers recently authorized an additional $60 million in tax credits to provide investment stimulus to small businesses across the state.

The renewal of the CAPCO program, the fourth authorization by the New York State Legislature, brings to $340 million the amount of funds authorized by the State of New York.

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Small businesses can turn to their local CAPCO programs for funding:

Fostering new businesses in your county (with their new tax revenue potential) is obviously a much better way to deal with state budget cutbacks and dwindling local revenues than increasing taxes or cutting services or both. And it doesn’t necessarily take a new automobile assembly plant in your community to turn the revenue slide.

For most counties, small businesses are the economic engines for their communities. The National Association of Small Business Owners reports that small businesses employ 51 percent of private sector workers; provide two-thirds to three-quarters of the new jobs; and represent 96 percent of all exporters of goods.

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Through the New York CAPCO program, Advantage Capital Partners was able to invest in ThreadSmith:

Advantage Capital Partners, a leading venture capital and small business finance firm, has announced participation in a $1 million funding round for ThreadSmith, a custom embroidery retail and online store located in Vestal, N.Y. The funding, raised in connection with the New York Certified Capital Company (CAPCO) program, will be used for working capital, sales and marketing needs.

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