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Rick Larson, NC Program Director

www.ncifund.org ___________________________ Statewide Information Sessions Washington, Weldon, Lumberton, Troy, Morganton, King & Wilson, NC 12/19/07 – 1/22/08. Rick Larson, NC Program Director Natural Capital Investment Fund l P.O. Box 271 l Chapel Hill, NC 27514

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Rick Larson, NC Program Director

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  1. www.ncifund.org ___________________________ Statewide Information Sessions Washington, Weldon, Lumberton, Troy, Morganton, King & Wilson, NC 12/19/07 – 1/22/08 Rick Larson, NC Program Director Natural Capital Investment Fund l P.O. Box 271 l Chapel Hill, NC 27514 Phone: (919) 967-2223, ext. 113 l Cell: (919) 949-4724 lrlarson@conservationfund.org

  2. Natural Capital Investment Fund • CDFI (Community Development Financial Institution) founded 2001 • Affiliate of The Conservation Fund, national land and water conservation organization based in Alexandria, VA • ~ $2 M invested to date in 18 businesses in West Virginia; 0% losses • Expanded to North Carolina, Virginia, and NE Tennessee in 2007 Objectives: • To provide increased access to debt and equity financing for entrepreneurs and small business owners who cannot obtain conventional financing • To support the creation of long-term, quality job expansion through the growth of sustainable natural-resource based businesses • To develop innovative public and private partnerships that stimulate local economic expansion and support NCIF and its clients

  3. NCIF Sectors • Natural/organic & value-added Agriculture • Renewable Energy & Energy Efficiency • Recycling • Heritage and Eco-Tourism • Value-Added Wood & Forestry Products • Environmental & Green Enabling Technologies • Green Building Products/Services

  4. North Carolina Funding Sources –NCIF fills a gap

  5. NCIF Investment Approach • Natural resource-based enterprises with growth & job creation potential • Start-up to expansion stage • Typical investment range: $35-250K • Subordinated Debt or Equity • Partner with other funding sources to share risk (traditional senior lenders, community development lenders, etc) • Technical assistance is key: provided by SBTDC, NC entrepreneurial and sector-based organizations, NCIF staff, or contracted outside consultants

  6. NCIF’s Partnership Approach Rely on community and sector-specific partners to identify most promising opportunities Examples: • State and local agencies: SBTDC, County/regional ED agencies; Recycling Business Assistance Center, State Energy Office, Extension Service • Non-profits: TCF’s Resourceful Communities Program, RAFI-USA, NC Choices, Appalachian Sustainable Development, • Other lenders/investors: Rural Venture Fund, Self-Help, IMAF, SJF Ventures, national & community banks

  7. NCIF NC Investment Committee • Carl Bond, USDA Farm Service Agency, Williamston, NC • Tom Byers, Self-Help Ventures, Asheville, NC • Jim Evans, Harrington Bank, Chapel Hill, NC • Bonny Moellenbrock, SJF Advisory Services, Durham, NC • Everett Wallace, Initiative Capital, Raleigh, NC • Archie Hart, NC Dept. of Agriculture, Raleigh, NC Expertise in: SBA credit enhancement programs; rural business lending; ag lending; natural products; equity investing; working with minority and low wealth borrowers

  8. NCIF Portfolio Companies:Value-added agriculture example • West Virginia grown salsas, hot sauces & jellies • Total financing $110,000 (NCIF $60,000) • NCIF and 4C EDA financed working capital and automated filling equipment for expansion • NCIF secured grants for technical assistance

  9. NCIF Portfolio Companies:Eco/heritage tourism example Songer Whitewater, Inc. • Whitewater rafting outfitter • Existing business expansion • NCIF provided $100,000 in working capital and fixed asset financing and leveraged another $60,000 from 4-C EDA

  10. NCIF Portfolio Companies:Forest products example ImageTree • Provider of integrated information and analysis for managing forests • Equity - $8.75 M Series B Round (NCIF $250,000) • Financed sales & marketing, and completion of the technology build-out • NCIF sector expertise useful with marketing

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