Long Beach City College (LBCC) announced at their inaugural innovation and entrepreneurship conference the launch of Innovation Fund SoCal (IFSC), a program which will provide funding and mentoring for up-and-coming entrepreneurs attempting to build their startups.
The conference, innovate!socal 2014, is a partnership with LBCC and Ewing Marion Kauffman Foundation and welcomed the announcement of the program. IFSC will soon begin offering micro-grants up to $25K and no-interest, non-collateralized loans of up to $100K to startup companies throughout the Los Angeles basin.
The ultimate hope is to spur economic development through the doors of the city college based upon the model of the Innovation Fund at Lorain County Community College, which began in 2007. That program has raised over $14M while investing over $7M in hundreds of startups.
The program will be largely geared towards first-time founders or inexperienced entrepreneurs who are committed to staying within the area for at least six years.
“The launch of this fund will help local high-growth companies expand by increasing funding capacity for companies who are in targeted industry sectors,” said Eloy Ortiz Oakley, Superintendent-President of Long Beach City College. “Funding through IFSC will help diversify California’s economy by retaining, attracting and building successful businesses which, in turn, will create skilled jobs and wealth for Californians.”
IFSC is expected to launch in next month and the organization will begin accepting applications for funding on February 21.