Entrepreneurs in Cambridge report they are excited about a new funding opportunity. Eligible entrepreneurs soon will be able to tap into Cambridge Venture Capital Fund One LLC (www.cambridgemainstreet.com), a new, $300,000 venture fund set aside especially for small businesses. The fund is being organized by fellow entrepreneur Brett Summers, a principal with NOVO Development, which owns five buildings in downtown Cambridge.
NOVO has renovated three of the five buildings, constructing apartments in the upper floors and leaving room for businesses to lease in the lower quarters. Summers is also on the board of the nonprofit Cambridge Main Street, which has the mission of revitalizing Cambridge?s historic downtown area into an entrepreneurial haven.
Summers and his colleagues are utilizing the ?Main Street? model of economic development developed by the National Trust for Historic Preservation, a model that?s now in place in more than 1,000 communities nationwide that were hit hard when big box stores, chains and shopping malls began to dominate the dining and retail sectors.
?We are creating opportunities for businesses to operate,? said Summers, who passionately believes that downtown Cambridge can be restored to the thriving business community of its past. ?We?ve now finally got a good base of restaurants,? he said, ?but we still have a long way to get back to where we were in the 1920s and ?30s.?
Source: http://www.bizmonthly.com/cambridge-venture-capital-fund-one-llc-cambridge/
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