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Tennessee Small Business Investment Company Credit Act Provides Venture Capital to Tennessee Start-ups and Emerging Businesses
by Steven J. Enwright
Dickinson Wright PLLC
Bloomfield Hills Office
Ralph Z. Levy
Dickinson Wright PLLC
Nashville Office
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November 25, 2009
Previously published on November 2009
In furtherance of its goals of increasing “transformational” entrepreneurial activity in Tennessee, attracting additional capital into the state and diversifying the state’s economy, the State of Tennessee recently announced the names of the six funds that have been certified by the State of Tennessee as “TN Investcos.” Each TN Investco fund will receive approximately $15 million to invest in start-ups and early or mid-stage companies in Tennessee using $20 million of awarded gross premiums tax credits under the Tennessee Small Business Investment Company Credit Act (the “Act”). Under the Act, which was enacted on July 9, 2009 as Public Chapter 6010, $120 million in gross premiums tax credits will be allocated equally among the six TN Investco funds in January, 2010 and then sold to insurance companies to create a pool of venture capital funds for investment in early and mid-stage companies in Tennessee.
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