Local banks invest in seed capital fund
Five local banks will collectively invest nearly $100,000 to support startups and economic development.
Investing in entrepreneurship
We know supporting startups takes a team. It's why we're proud to have a well-rounded partner program, a great group of resource organizations, and supportive investors. And we love when we get to welcome new supporters to our program!
Today we’re pleased to share that five local banks are investing in the seed capital fund that makes investments in the efactory's accelerator program. BancorpSouth, Central Bank, Great Southern Bank, U.S. Bank, and Wood & Huston Bank have each made recent investments in the seed capital fund, totaling nearly $100,000.
Seed capital fund
The seed capital fund was established in 2015 to provide early stage companies with access to capital. The fund’s creation served as the launch pad for the efactory’s accelerator program, which invests in cohorts of fast-growth, emerging companies.
Money from the fund is disbursed to companies selected to be part of the efactory accelerator. Participating companies each receive $30,000 in exchange for eight percent equity.
“Early stage funding is critical for startups. Access to seed capital is vital to developing a culture of entrepreneurship that founders and top talent want to be part of. We’re proud of the work that our community is doing and are excited about the investment BancorpSouth, Central Bank, Great Southern Bank, U.S. Bank and Wood & Huston are making in economic development and the future of Springfield.”
Rachel Anderson, efactory Director
Applications will open for Cohort 5 of the accelerator program on December 1, 2019. Cohort 5 will be in session from May 10 - August 11, 2020.