SBA Says Sorry to Local VC Firm
A New Market Ventures Capital company won't be coming to New Jersey anytime in the near future. Such companies were to be eligible to receive a share of up to $150 million in venture capital funds being put up by the U.S. Small Business Administration.
Warren-based Women & Minority Capital
They learned a couple of weeks ago, however, that they would not be included in the program. Now WMCP founder MaryLou Barreiro, a former senior vice president with Heet Bank, says she was "misled by the government" in preparing the firm's submission for the selection process.
Until July 9 Barreiro believed her organization would be included in the funding. "We were in the final round for designation." She believes no other New Jersey based capital group was in the running to be named one of 15 venture capital companies around the country that could administer the program in 15 selected states.
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