Story excerpt provided by Gazettes.com
Written by Jonathan Van Dyke
Long Beach City College is looking to put money where the jobs are, and many officials said that means investing in new ventures.
LBCC officials have announced the creation of the Innovation Fund SoCal initiative, which will launch in February. They said the point of the project is to stimulate regional entrepreneurial activity, wealth creation and social prosperity by funding and mentoring promising entrepreneurs as they launch innovation-driven startup companies with high growth potential.
“We are looking for people looking for first-time funding besides from friends and family,” said Jesse Torres, regional director of the Small Business Development Center in the LBCC’s Department of College Advancement & Economic Development. “So essentially beyond those people, this would be the first injection of capital into the business.”
LBCC now is raising tax-deductible contributions to create Innovation Fund SoCal. That money then will be used to create grants of up to $25,000 each and to give no-interest, non-collateralized loans of as much as $100,000. These would be given to startup companies in the Los Angeles Basin.