New Markets Tax Credits Deal Done

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In the latest legislative session, Arkansas lawmakers passed a measure touted as a jobs creator, the Arkansas New Markets Job Act. The bill encouraged private sector investment in small businesses, particularly in low-income regions, by providing tax credits tied to private capital investments including at existing businesses. On Tuesday (July 9), Heartland Renaissance Fund, an affiliate of The Arkansas Capital Corporation Group, said it will provide $10 million in New Markets Tax Credits to SGL Group’s Ozark, Ark. manufacturing facility.  Heartland’s investment is part of a federal new markets program, as the state’s version does not go into effect until July 15. [Read more…]

CDFI Fund Releases Public Data on New Markets Tax Credit Investments

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New Markets Tax Credits were utilized in over 2,600 businesses and 3,990 real estate investments across the country between 2003 and 2011, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today. In addition, over 75 percent of the tax credits were invested in census tracts that met one of three indicators of “severe distress,” such as lower incomes, higher rates of poverty, or higher unemployment rates—criteria greater than the minimum requirements for the New Markets Tax Credit Program. [Read more…]

UCA Team Headed to Russia for Microsoft Imagine Cup Finals

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The prototype of the Bear Claw glove, which is used with a smartphone app. (Photo by Mark Carter)
An ongoing research project at the University of Central Arkansas could turn into a big deal on the international business stage later this month. Bears Unlimited, a team of four UCA computer science students, will compete in the world finals of the 12th annual Microsoft Imagine Cup next week in St. Petersburg, Russia. The team, which consists of UCA seniors John White, Ben Tackett, Kyle Eichelberger and graduate student Michelle Enfinger, developed a sensor-filled glove for use in hand, wrist and forearm therapy. Faculty mentors are Sinan Kockara and Tansel Halic.     [Read more…]

Does your project qualify for NMTC funding?

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One of the first questions we often hear from prospective borrowers is “Can I use New Markets Tax Credits for my project?”  The NMTC program is a very powerful incentive to attract private capital for the right projects. To understand if the NMTC incentive is a good fit for your project one of the first questions you should ask is: [Read more…]

Arkansas Capital Names Marie Bruno Executive Director of Arkansas Economic Acceleration Foundation

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Marie BrunoThe Arkansas Capital Corporation Group (ACCG) is pleased to name Marie Bruno as executive director of the Arkansas Economic Acceleration Foundation (AEAF), an affiliate of ACCG. Bruno’s role as executive director will focus on improving and expanding the education-based initiatives for students in grades 5-12, as well as collegiate students. “Marie’s excellent communication skills, along with her experience in leading non-profits, uniquely positions her to continue building and nurturing partnerships with the business and education communities that will result in the group’s ability to reach more students throughout the state,” said C. Sam Walls, chief executive officer of Arkansas Capital Corporation. “Her expertise will allow us to further expand and improve on our student-based entrepreneurial endeavors.” Marie Bruno joined Connect Arkansas, an affiliate of ACCG, in August 2010 as a vice president, where she was responsible for coordinating and facilitating high-speed Internet deployment, access, and adoption activities in Arkansas and related initiatives at the regional, state and federal levels. [Read more…]

Picasolar Ties for Second at National Clean Energy Contest

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PicasolarUniversity of Arkansas startup Picasolar, which developed a way to make solar cells more efficient, tied for second at the National Clean Energy Business Plan Competition this week in Washington, D.C. The event, in its second year, is put on by the U.S. Department of Energy and brings together six regional winners from across the country. Winners were announced on Tuesday, and SiNode Systems from Northwestern University was the overall winner. [Read more…]

BiologicsMD Signs Deal to Make Its Osteoporosis Treatment

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Fayetteville drug development startup BiologicsMD announced on Tuesday a partnership with an Oklahoma firm that will make the company’s osteoporosis treatment. BioMD, which has developed what it considers a breakthrough treatment for the disease called PTH-CBD, has contracted with Cytovance Biologics of Oklahoma City to develop a manufacturing platform for the drug. In addition, the firm has welcomed its newest board member, Ensysce Biosciences CEO Lynn Kirkpatrick, to help guide it through the Food and Drug Administration approval process. [Read more…]

Entrepreneur Jessica Haynes Launching JesKa Shoe

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Jeska Shoe Co.A burgeoning fashion company based in southern Arkansas has plans to patent and copyright a women’s shoe with interchangeable heels and accessories. JesKa Shoe Co. was started by 24-year-old entrepreneur Jessica Haynes, a native of Emerson (Columbia County) who conceived of the product in 2010 after experiencing a common mishap: breaking the heel off one of her favorite shoes. While she was a student at Southern Arkansas University in Magnolia, Haynes competed at the 2011 Donald W. Reynolds Governor’s Cup business plan competition and took home the coveted Innovation Award at the graduate level. [Read more…]

HomeDx Places Second, Wins Pitch Contest at Tri-State Governor’s Cup

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University of Arkansas startup HomeDx won the elevator pitch portion and finished second overall in the graduate-level division of the 2013 Donald W. Reynolds Tri-State Governor’s Cup business-plan competition Tuesday in Las Vegas. Four Arkansas teams — the top two winners in the undergraduate and graduate divisions of the Arkansas DWR Governor’s Cup — competed against the top winners from Oklahoma and Nevada. Teams from Oklahoma State University and the University of Oklahoma took home top honors. [Read more…]