Contact: Chris Bickes
231-510-2161

“Angel Fund” Considered to Support Business and Jobs
in Manistee and Mason Counties

For Immediate Release
Ludington and Manistee, Michigan -- Imagine if there was a pool of investment money to attract new business and jobs to Manistee and Mason Counties?

This idea will be explored by interested parties and potential investors at two luncheon meetings on July 23 in Ludington and July 24 in Manistee.  These meetings will present the concept of a community “Angel” investment fund and how such a fund could attract businesses and jobs to communities in Manistee and Mason Counties. A president of a nationally-known community investment fund will keynote both luncheon meetings.

An “Angel” investment fund is a group of investors who join together to create an investment fund to attract new or start up businesses or to help existing business grow. An Angel fund is different from banks in that they actually invest in a business rather than loan money. In this way, Angel Fund investors have a stake in the business they invest in and benefit from the success of that business.

For Manistee and Mason Counties, an Angel Fund could provide a competitive edge in these challenging economic times to bring new or expanded businesses and jobs to our communities
There are five Angel funds operating or being developed in Michigan, including one in Traverse City, two in Detroit, and one each in Midland and Grand Rapids/Holland/Grand Haven. In the United States hundreds of such funds have been created since the early 1990’s, including funds in rural areas that are similar to Mason and Manistee Counties.

The meetings are set for Wednesday, July 23 at P.M. Steamers in Ludington and Thursday, July 24 in Manistee at the Tuscan Grill – second floor. Both meetings will begin at 12 noon and last a little over an hour. Reservations are encouraged by calling Julie Van Dyke at the Mason County Growth Alliance at 231-845-6646 (Ludington) or Pam Paige at 231-378-2936 (Manistee).

The keynote speaker at the luncheons will be Mr. Steve Mercil, President of one of the leading community investment funds in the U.S., the RAIN Source Capital Group. The Group fund was originally founded in a rural Minnesota community and has grown to over twenty independent “Angel” funds, many in small towns.

Mr. Mercil will talk about the benefits of local investment funds in stimulating jobs and economic growth in communities as well as the benefits that such funds return to investors. There will be a facilitated discussion among participants about ideas, concepts and opportunities related to the creation of a local investment fund.

The Manistee County Industrial Development Corporation (IDC) is sponsoring both events and luncheons. The Ludington event is also sponsored by the Mason County Growth Alliance.

Questions should be directed to any of the three meeting organizers: Chris Bickes, Member Board of Directors, Industrial Development Corporation - Ph: 231-510-2161 Email: chrisbickes@yahoo.com; Allan O’Shea-Member, Manistee County Board of Commissioners Ph: 231-378-2936 Email: windowman50@hotmail.com; or Dan Sleeman, Market President, National City Bank Ph: 231-845-8453 Email: daniel.sleeman@nationalcity.com.