Investment program spurs job creation
NASHVILLE, Tenn. (AP) — After six years, an investment program in Tennessee has become a sparkplug for startups and spurred job creation.
But the TNInvestco program is a long way from repaying taxpayers, The Tennessean reports (http://tnne.ws/1NYNJ7I).
In 2009, Tennessee lawmakers approved $200 million to fund TNInvestco. By enlisting private fund managers to invest the state’s money and insurance companies to help pay for the program, TNInvestco would support small business growth and create jobs.
There was the expectation the state would recoup its investment. If the program fails to live up to expectations, it could impact the ability to pass other investment programs, which entrepreneurs and investors say the state needs.
At a time when momentum in Tennessee’s startup hubs is greater than ever, the program appears to be nearly out of money.
___
Information from: The Tennessean, http://www.tennessean.com
(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
1/3/2016 10:03:58 AM (GMT -6:00)
