By Mike Oats
While the upcoming fall months may bring cooler temperatures to the Hudson Valley, one group is just starting to turn up the heat in providing much-needed funding to local businesses.
Hudson River Ventures L.L.C. (HRV) is a small business investment fund that is focused on providing investment capital for Hudson Valley companies, targeting our fastest growing sectors such as biotech, food and beverage and tourism industry clusters.
We have heard loud and clear from the entrepreneurs that access to capital remains the most critical challenge facing their businesses. If we want to expand and improve our economy, we need investment funds like Hudson River Ventures to bring their capital to the market.
Founded in 2011 by Sean Eldridge, Hudson River Ventures has a double bottom line approach to investing ”“ make a fair return on their investment while also supporting transformational projects for our communities.
Earlier this year, the Hudson Valley Economic Development Corp. (HVEDC) formed a partnership through which Hudson River Ventures will make strategic investments in Hudson Valley companies that will range from $50,000 to $500,000. These investments will help companies get started on the path to success by providing them capital to expand and grow.
As part of this key relationship, HVEDC is helping Hudson River Ventures identify startups and existing businesses that qualify for funding. That is just the beginning. HVEDC will also connect businesses to the many economic development resources available in the county, region and state. This partnership is designed to reduce the burdens and barriers that face businesses in the Hudson Valley region.
Starting in the fall, Hudson River Ventures will announce funding for a number of businesses with more in the pipeline for review and consideration.
One key industry cluster that can benefit greatly from an increase of capital into the market is our fast-growing food and beverage cluster. The Hudson Valley Food & Beverage Alliance, a consortium of food and beverage companies and related support businesses, has been working to identify other investors that would like to support this critical industry section. The farm-to-table movement is gaining momentum and with additional capital our companies can take advantage of the huge metro New York marketplace.
This alliance is growing every day. We have received the support of U.S. Senators Charles Schumer and Kirsten Gillibrand, the county executives of each of the Hudson Valley counties and the leaders of various other important business groups in our region, including The Business Council of Westchester under the leadership of Marsha Gordon.
By bringing together businesses that support the food and beverage industry in a variety of ways, business owners learn from each other and support the industry as a whole. For example, alliance founding members Heineken USA and Leason Ellis in White Plains recently hosted a “Food for Thought” event, which focused on intellectual property issues and protecting a company”™s brand. Future seminars will involve topics such as improving distribution operations, human resources best practices, financial management, social media marketing and public relations and getting products to market efficiently. Combined, these events help entrepreneurs learn more about improving their operations for long-term, sustained success.
The alliance has grown immensely since its launch several months ago to include such regional mainstays as Millwood Vineyard and Winery, Newburgh Brewing Co., Mohonk Mountain House, Hudson Valley Wine magazine and Pamal Radio, to name a few.
In the months to come, the alliance will continue to grow and add to its membership base, as well as explore further opportunities with potential local, state and national partners. The Hudson Valley is a great place to do business, and our goal is to continue to highlight and promote the great things happening here at home. By engaging in these positive business and investment practices, we”™re helping to create more jobs and solidify our communities for the long term.
Working with Hudson River Ventures is just one more way in which HVEDC and the Food and Beverage Alliance are helping to spur economic growth in the Hudson Valley. To learn more about how to apply for funding through this partnership, call (845) 220-2244 or visit http://www.hudsonriverventures.com.
Mike Oates is president and CEO of the Hudson Valley Economic Development Corp., a public-private partnership that markets the region as a prime business location for corporate executives, site selection consultants and real estate brokers.
