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Spain, BBVA Offers Preferential Financing Conditions to Over 430,000 Self-Employed Workers

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The Spanish Group BBVA signed a collaboration agreement with the Spanish self-employed workers’ association (ATA) to offer preferential financing conditions to its 430,000 members.
Thanks to this agreement ATA’s self-employed workers will have the chance to benefit from preferential conditions for loans, credit facilities and access to products with tax advantages, such as renting and leasing, with up to 100% financing of the asset.
Commenting on the agreement, Lorenzo Amor, chairman of the ATA, said that “eight out of 10 self-employed workers face lending restrictions and we hope this agreement will help them continue in their business. It is essential to commit to self-employed workers at a time like this”.
FinSMEs
14/09/2009

USA, GainSpan Gets Investment from In-Q-Tel

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GainSpan(R) Corporation, a provider of low power Wi-Fi semiconductor solutions, announced a strategic investment and technology development agreement with In-Q-Tel, the independent strategic investment firm launched by the CIA in 1999 in order to identify innovative technology solutions to support the mission of the broader U.S. Intelligence Community.
Commenting on the agreement, Vijay Parmar, President and CEO of Los Gatos-Ca.-based GainSpan, said: “Our strategic agreement with In-Q-Tel ensures that the U.S. Intelligence Community has easy access to GainSpan technology.
“Also, as a member of In-Q-Tel’s technology partner portfolio, In-Q-Tel provides us introduction to other portfolio companies where there are opportunities for knowledge-sharing and co-development”.
FinSMEs
14/09/2009

UK, Kent Investment Club Launch Event

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In order to launch of the Kent Investment Club (KIC), a free event will take place in Maidstone, Kent, on October, 12.
The Club, run by the regional development agency Finance South East and funded by Kent County Council, is supported by the British Business Angels Association (BBAA).
Potential business angels or professionals advising high net worth individuals are invited to pre-register for the event, which will provide an opportunity to network with active business angels and find out more about angel investing and the potential benefits of being part of an investment club.
The Club will provide first time investors with a programme of training and development which will focus on how to identify a company with high growth potential, manage a portfolio of investments and help their investments grow through support and advice.
For futher information, visit the website: http://www.financesoutheast.com/events/?id=1526
FinSMEs
13/09/2009

UK Private Equity Fund Synova Acquires Clearwater Care

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Synova Capital, a UK private equity fund focused on the lower mid-market, acquired Clearwater Care, a provider of specialist residential care facilities and supported living services for people with learning disabilities.
Clearwater operates 14 care homes, predominately located in South East England, and provides specialist services and residential care for adults with complex needs and severe learning disabilities.
According to a statement, Synova will support Clearwater with further capital to grow the Business both organically and through acquisition.
Commenting on the acquisition, Tony McLean, CEO of Clearwater said: “With Synova’s financial support and the principals’ considerable experience in the residential healthcare sector, we will pursue our strategy of growing the Business through targeted acquisitions and the extension of the Group’s service offering”.
According to David Menton, a Managing Partner of Synova Capital, the London-based private equity fund has already identified a pipeline of potential acquisitions.
“We are also pleased that the Group’s lenders, Bank of Ireland, are continuing to support the Business and look forward to working with them on the implementation of our growth strategy”, he added.
FinSMEs

12/09/2009

BNL and Eurofidi Agree to Channel €100m to Italian SMEs

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Banca Nazionale del Lavoro, of the BNP Paribas Group, and Eurofidi, an Italian Guarantee Provider, signed an agreement to support Italian Small and Medium Enterprises (SMEs).
The €100m plafond will allow SMEs headquartered in the regions of Lombardy, Marche and Abruzzo to finance their working capital needs.
The financing has a duration not exceeding 18 months.
The guarantee from Eurofidi is up to 60% and can activate the counterguarantee of the Government backed Central Guarantee Fund.
FinSMEs
12/09/2009

CRE Commerce Joins Georgia Tech’s Accelerator Center

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CRE Commerce, a software developer, has been accepted as a member of Advanced Technology Development Center (ATDC), the accelerator at the Georgia Institute of Technology in Atlanta that helps Georgia technology entrepreneurs launch and build successful companies.
CRE Commerce, a company backed by venture capitalist Total Technology Ventures and local angel investors, has a subsidiary – CRE Secure – that connects any web-based application that takes credits cards to any merchant bank account in the world.
Commenting on the admission of the Atlanta-based company, David Sung, Startup Catalyst and Seed Capital Fund Manager at ATDC, said: “We look for emerging companies that are offering new and innovative solutions to solve various technological needs. 
“CRE Commerce has demonstrated true innovation to fill a market need with the recent launch of CRE Secure, a Payment Card Industry (PCI) compliant Security-as-a-Service offering to protect cardholder transactions made in any web-based application from malicious attacks which compromise credit cardholders’ privacy and security”. 
FinSMEs
12/09/2009

France, FAB Pharma Raises €2.3M in Series A Funding

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FAB Pharma completed a €2.3m round of series A funding led by CDC innovation and co-led by Bioam Gestion.
FAB Pharma is a corporate spin-out from Paris-based Mutabilis. The new biopharmaceutical company is focused on the discovery and development of therapeutics that will address today’s antibiotic resistance issues and control severe bacterial infections.

FAB Pharma’s approach consists in developing a new class of low-molecular-weight antibacterial molecules which target a specific, essential enzyme in MRSA called Fatty Acid Biosynthesis I (FAB I).

The funds will be used to finance Phase I clinical trials and develop back-up products. 
FinSMEs
12/09/2009

University of Central Florida Business Incubator Names Melissa Wasserman as Site Manager of Orlando Center

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The University of Central Florida Business Incubation Program named Melissa Wasserman as permanent site manager at the Orlando Business Development Center, a general incubator that supports startup companies.
After earning her MBA Degree from the University of Central Florida in 2007, Wasserman joined the UCF Department of Research and Commercialization two years ago.
Wasserman formerly served as a program assistant for the Office of Research and Commercialization and the UCF Business Incubation Program and also was a part-time site manager of the Orlando Business Development Center for the past 6 months.
The Orlando Business Development Center, a partnership with the City of Orlando, is a general business incubator to support primarily non-technology startups.

It is located at 3218 E. Colonial Dr.

FinSMEs
12/09/2009

NY, SBA Opens Business Recovery Center in Gowanda

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The U.S. Small Business Administration (SBA) will open a Business Recovery Center to help businesses impacted by the storms and flooding in New York on August 8-10, 2009.
The Center opens at the HSBC Bank USA in Gowanda on September 14.
SBA’s representatives will be there from Monday to Saturday to answer questions about the disaster loan program, explain the application process and support organizations to complete their applications.
The disaster declaration covers Cattaraugus, Chautauqua and Erie counties, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Allegany, Genesee, Niagara and Wyoming in the State of New York; and Erie, McKean and Warren in the Commonwealth of Pennsylvania.
Eligible organizations may borrow up to $2m for physical losses and interest rates are as low as 4% for businesses, with terms up to 30 years.
The deadlines to submit applications are the following: 
– physical property damage: November 3, 2009  
– economic injury: June 4, 2010.
For further information about the SBA’s Disaster Loan Programs, visit the website at www.sba.gov/services/disasterassistance. 
FinSMEs
11/09/2009

Italy, Crédit Agricole Private Equity Acquires a Stake in Green Energy Producer Elettrostudio Energia

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Crédit Agricole Private Equity acquired a stake in Italian green energy producer Elettrostudio Energia.
The investment has been structured by FCPR Capenergie fund, the Crédit Agricole Private Equity’s vehicle, which provided €4.5m, and by FriulAdria, Crédit Agricole’s Italian banking subsidiary, providing €500,000.
Founded in 2005, Elettrostudio Energia, a Elettrostudio Group’s subsidiary, specialises in green energy production using wind, solar, biomass and hydroelectric power. The company aims to have 250 MW in operation by 2013.
The equity financing will support the company to increase the company’s rate of project development and achieve the target installed capacity.
FinSMEs
11/09/2009

Evolva Agrees to Go Public Via Merger with Arpida

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Evolva, a Swiss biotech company, agreed to go public via a reverse merger with Arpida, which is listed on the Swiss stock exchange.

The Basel-based company raised around $20m in venture capital funding from Novartis Venture, Aravis, Sunstone Capital and Dansk Innovationsinvestering.
According to an official statement, “the intended merger will create a company with promising growth prospects based on a pipeline of clearly differentiated drug candidates addressing major medical needs and a number of discovery partnerships generating significant revenues”.
Before the merger, in order to raise funds to allow the combined company to progress its clinical compounds through phase II proof of concept clinical trials over the next 2-3 years, Evolva will conduct a CHF 25m equity financing for which it says it has already received positive feedbacks from existing and new investors.
Evolva currently has 75 employees, 30 of whom are located in Basel and has operations in Denmark, USA and India.

FinSMEs

11/09/2009

California, Small Firms Can Ask Reimbursement For Bringing Injured Employees Back to Work

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The Californian Division of Workers’ Compensation (DWC) has launched a campaign to help small employers bring their employees back to work or keep them working following workplace injuries.
The “Bring ’em Back” campaign provides specific information that small employers need in order to apply for reimbursement for purchases they make to help employees stay working while they recover.
In particular, any employer with less than 50 full-time employees, whose employee was injured on the job after July 1, 2004, may ask for reimbursement of up to $1,250 for workplace modifications that bring a temporarily disabled employee back to work; or $2,500 for modifications that allow a permanently disabled employee to go back to work.
Reimbursement can be required for modification to the work site, including purchases of equipment, furniture, tools and any other needed cost to accommodate the employee’s restrictions.
For more information, visit  the Division of Workers’ Compensation (DWC)’s website:  www.dwc.ca.gov. 
FinSMEs
11/09/2009

Canada, Government Supports Innovative Companies in Cambridge

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The Government of Canada announced contributions totaling $340,000 in order to support 4 Cambridge-based companies in developing high-tech solutions for global markets.
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The contributions, from the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), are related to the following R&D projects:
– $187,500 to Centra Industries that will support the company in developing a tool data management system to have real-time data for machining tools.
– $100,000 to eSentire that will help the company in two separate projects related to software security and network monitoring
– $30,000 to Logicap Engineering that will support the company in developing a customizable component database to be integrated into an automated tooling design system.
– $29,944 contribution to New Age Robotics & Controls that will help the company complete a marketing analysis survey and sales business strategy for the consumer goods and packaging sector.
The National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP) was set by the Government in order to provide both technical and business-oriented advisory services and the needed financial support to innovative small and medium enterprises around the country.
Commenting on these contributions, NRC President Dr. Pierre Coulombe was reported as saying: “Investing in science and technology is critical for developing highly skilled people and improving the long-term competitiveness of Canadian firms. That’s why NRC-IRAP is helping innovative Cambridge businesses such as these grow stronger, faster and bigger”.

FinSMEs

11/09/2009

USA, OpenQ Raises $2.5 Million

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OpenQ, the provider of innovative tools for information and research for life sciences marketing, compliance, R&D and medical affairs, secured an equity investment from Grotech Ventures.
The amount of the funding remained undisclosed.
The capital will be used to expand openQ into new markets and new research areas.
Otavio Freire, Chief Technology Officer and Co-Founder of the Charlottesville, VA.-based company said: “These proceeds will fund additional critical data sets and their integration within our platform. It will also allow us to develop the appropriate and necessary infrastructure to bring the solutions to fruition”.
FinSMEs
11/09/2009

Indian Government approves Creation of ‘Invest India’ for Promotion of FDI

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The Government of India is planning to create a not for profit company Invest India in order to promote Foreign Direct Investments(FDI) into the country.
The proposed company will be a joint venture between the Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI) and the State Governments.
Invest India will be responsible for promoting foreign investments into the country and will assist the Government in its efforts towards projecting India as an attractive investment destination for foreign investors, facilitating them in identifying and realizing investment opportunities in India.
Under this point of view, the company will act as the first reference point for investors interested in India and will support them in setting up businesses within the country. 

The company will assist the Department of Industrial Policy and Promotion(DIPP) and other ministries and departments in investment promotion projects and events.

FinSMEs

11/09/2009

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