For the General Public
A. TNInvestco is a state-sponsored, “venture capital type” program that provides capital to high-growth, transformational businesses in Tennessee..
A. The goals of TNInvestco are to develop Tennessee’s entrepreneurial infrastructure, bring additional capital into the state, diversify the state’s economy and create “anchors,” or “clusters,” of business innovation that result in the creation or spin off of new companies and the attraction of new talent to Tennessee.
A. The state offered $200 million in gross premium tax credits for future years use to insurance companies that invest in companies qualified by the State of Tennessee as a “TNInvestco”. The TNInvestcos have sold the future years tax credits for up-front capital to invest in Tennessee businesses. The TNInvestco program is administratively housed in the Department of Economic and Community Development.
A. Businesses interested in seeking funding from a TNInvestco are encouraged to view the program requirements and fill out the Web form here. All applications will be submitted directly to the TNInvestcos for consideration.
A. After recognizing a need to attract more seed and early-stage capital for Tennessee businesses and entrepreneurs, Governor Phil Bredesen and the Tennessee General Assembly worked to enact the Tennessee Small Business Investment Company Credit Act that created the TNInvestco program on July 9, 2009.
A. The state has picked ten firms as award winners that are qualified TNInvestcos. To view the TNInvestco list click here.
A. The purpose of the TNInvestco Act is to encourage and support investments in qualified small businesses that have the potential to transform the State of Tennessee’s economy. Companies like FedEx and HCA were founded by entrepreneurs and eventually backed by venture capital investors. These companies have had a transformational impact on the state’s economy through the jobs, wealth and tax revenues made possible, directly or indirectly, by the efforts of the entrepreneurs that turned vision into reality and the investors that fueled their ambition. The goal of this program is to create opportunities for such economic growth in Tennessee, and the TNInvestco program will only invest in businesses that meet the program’s aforementioned goals.
No, there are no fees that need to be paid to a TNInvestco in order to apply for consideration of funding. Businesses interested in being funded by a TNInvestco can fill out the webform and have their information sent directly to TNInvestco investment managers here.