FOR IMMEDIATE RELEASE
TAG FinTech Offers Up to $100,000 Grant and Loan to Georgia FinTech Startups
-Interested FinTech companies can now apply online-
ATLANTA (August 6, 2014) – TAG FinTech, a financial industry special interest group of Technology Association of Georgia (TAG) announced that the 2014 cash grant of $50,000 is available for qualified startup businesses in the financial technology (Fintech)industry.
To qualify for the grant participating startups must:
- Complete the 6-week CapVenture program administered by TAG that helps entrepreneurs develop business plans and address the challenges of early stage companies. The CapVenture program, which starts Sept. 29, 2014 in Atlanta.
The grant winner will also be eligible for a $50,000 loan from Invest Atlanta, providing a potential of $100,000 of non-diluting seed capital to the successful applicant.
“Investments like this demonstrate that Atlanta’s doors are open to entrepreneurs, “said Mayor Kasim Reed. “ We are willing to leverage our resources and local talent to establish our City as the hub for technology innovation in the South.”
According to TAG research, Georgia FinTech company revenues are more than $34 billion annually, which places the state third in the nation, behind New York and California.
“It is a testament to our business environment, sponsors and the Mayor’s office that we are able to demonstrate the important of innovation and the financial technology industry to Georgia, said Sean Banks, TAG FinTech chairman and partner at TTV Capital. “The cash grant will go a long way in helping seed a young company and grow jobs. The additional borrowing opportunity provided by Invest Atlanta will further advance that young company’s momentum without diluting its founding team’s ownership, which is a real win-win for the entrepreneur.”
CapVenture is designed to equip early stage company executives with the tools and knowledge needed for a smarter and more productive capitalization of their business. The program enables participants to further develop their business plan, making them more attractive to customers and investors.
“Not only are we delighted to make a capital contribution but we're equally as pleased to mentor companies we meet through the program,” said Jeremy Wing, owner of Payscape Advisors. “As a Georgia based startup, we know how important it is to engage with other entrepreneurial based companies to both share valuable lessons we've learned and support each other's businesses.”
The CapVenture FinTech Startup Award is made possible by the collective efforts of Elavon, Fiserv, Habif, Arogeti & Wynne, LLP, Invest Atlanta, PayScape, Sysnet Global Solutions, TAG and TAG FinTech, TSYS and TTV Capital.
To register for CapVenture, please visit: http://www.tagonline.org/training/capventure/
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.
About TAG FinTech
TAG FinTech's mission is to build recognition of Georgia as the hub of choice for the world's leading financial technology providers (a counterpart to Silicon Valley for technology or Hartford for insurance) with the goal of accelerating the accumulation of capital by its members.
We will accomplish this by fostering a business environment conducive to the ongoing success of the community's companies, employees, service providers, educational institutions, entrepreneurs and investors, helping them create, build, and maintain innovative financial services that meet their customers' growing needs.
To continue expanding the hub, FinTech will empower a collaborative culture that attracts and retains innovation, jobs, partnerships, and capital, and where successful entrepreneurs can reinvest in the local ecosystem to help sustain the space.
About The Technology Association of Georgia (TAG)
The Technology Association of Georgia (TAG) is the leading technology industry association in the state, serving more than 26,500 members and hosting over 200 events each year. TAG serves as an umbrella organization for 34 industry societies, each of which provides rich content for TAG constituents. TAG’s mission is to educate, promote, and unite Georgia’s technology community to foster an innovative and connected marketplace that stimulates and enhances a tech-based economy. The association provides members with access to networking and educational programs; recognizes and promotes Georgia’s technology leaders and companies; and advocates for legislative action that enhances the state’s economic climate for technology. Additionally, the TAG Education Collaborative (TAG’s charitable arm) focuses on helping science, technology, engineering and math (STEM) education initiatives thrive. For more information visit the TAG website at www.tagonline.org or TAG’s community website at www.TAGthink.com. To learn about the TAG-Ed Collaborative, visit http://www.tagedonline.org/.