CAPCO Programs

Dennis Murphree of Murphree Venture Partners in Texas participated in the state’s CAPCO Program in 2002:

Venture capitalist Dennis Murphree has joined a small band of fund managers in the country who participate in a little-known but rapidly expanding program called CAPCO.

A handful of states have passed legislation to create programs called CAPCO, an acronym for certified capital companies. These programs spawn investment funds, some as large as $175 million, that are designed to spur economic development.

The program itself is complicated, but it wasn’t difficult for Murphree and his partners to decide they wanted to be involved.

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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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The Park and Love, owned by Marc Barnes, received financing from Enhanced Capital Partners back in July, 2009:

Enhanced Capital, a national private investment firm participating in the District’s CAPCO program, has provided $300,000 in financing to two of the District’s premier establishments. The Park, a trendy four story restaurant and lounge, and Love, a sophisticated nightclub which opened in 2001, are both owned by DC visionary and entrepreneur Marc Barnes.

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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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Back in 2002, Representative Reilly introduced the Rhode Island Certified Capital Company Act:

Rhode Island, said Rep. Donald O. Reilly Jr. (D-Dist. 67) of Cumberland, currently ranks 36th in the nation in the amount of venture capital it receives for small businesses.

“Increased venture capital investments made in small businesses located in Rhode Island will lead to job creation and increased tax revenue for the state. That’s not wishful thinking. It is happening in other states all around the country and it’s time it happens in Rhode Island,” said Representative Reilly.

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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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