Fund targeting high-growth industries
NEW WINDSOR, N.Y. (April 26, 2012) – The Hudson Valley Economic Development Corp. (HVEDC) today announced a new partnership with an investment fund that will extend capital to businesses throughout the Hudson Valley.
Hudson River Ventures, LLC is a small business investment fund focused on the Hudson Valley. Founded by Sean Eldridge in 2011, Hudson River Ventures works to empower entrepreneurs and build thriving businesses throughout the Hudson Valley.
In partnership with HVEDC, Hudson River Ventures will make strategic investments, ranging from $50,000 to $500,000, in small businesses within its target industry sectors, including Food & Beverage, Tourism & Hospitality, Information Technology, and Biotech. HVEDC will help identify startup companies and existing companies who qualify for investment.
“In this current economic climate, small businesses are struggling to find capital. But there are entrepreneurs with bold ideas and growing businesses throughout the Hudson Valley that are smart investments, which is why I founded Hudson River Ventures,” said Sean Eldridge, president of Hudson River Ventures. “I am thrilled to partner with HVEDC to invest in startup companies and existing businesses. Together, we will create jobs, strengthen communities, and build a more prosperous Hudson Valley.”
“Corporate executives in the Hudson Valley have been telling us that access to capital is their most critical issue as they try to grow their business,” said Mike Oates, President and CEO of HVEDC. “Sean and Hudson River Ventures is a most welcome addition to the tools available for economic development in our region. HVEDC is thrilled to be Hudson River Venture’s partner. Sean will not only bring needed capital to our market but will also provide business expertise that will help position our region for growth.”
To learn more about how to apply, contact Mike Oates, President and CEO, Hudson Valley Economic Development Corp., at moates@hvedc.com or 845-220-2244 or visit www.HudsonRiverVentures.com.
Sen. Charles E. Schumer: “Hudson River Ventures, in partnership with Hudson Valley Economic Development Corp., will be a new and unique catalyst for small businesses to grow and expand in the Hudson Valley all while creating new local jobs in this new economy. Sean Eldridge and Hudson River Ventures have a vision of helping Main Street businesses, tourism, food & beverage and high-tech ventures, which is exactly what we need in New York and I look forward to partnering with them and HVEDC to help create jobs and expand economic opportunities throughout the Hudson Valley. By creating this new investment and development fund, Sean will leverage public-private partnerships and give new and expanding Hudson Valley businesses all the tools they need to succeed and I look forward to working with his fund to strengthen the economy and the Hudson Valley and all of New York State.”
Sen. Kirsten Gillibrand: “The investments made by Hudson River Ventures will help strengthen the regional economy by focusing on growing industries in the Hudson Valley. Investments in existing companies and startups in key markets including biotech and innovative technologies would create opportunities for sustained job growth.”
Westchester County Executive Robert Astorino: “The Hudson River Ventures Investment Fund will provide a wellspring of financial resources to entrepreneurs thirsty for new sources of capital. We applaud Sean’s efforts to invest in the Hudson Valley, and fill the widening gap between private industry’s growing need for additional funding and government’s ever-shrinking pool of public monies available for investment.”
Rockland County Executive C. Scott Vanderhoef: “We wish Hudson River Ventures much success, and hope that they make significant investments in the lower Hudson Valley, particularly Rockland County. Last year 500 new jobs were created in Rockland, and in the coming months we look forward to working with successful organizations like Hudson River Ventures to encourage continued investment in companies that seek to expand or start-up in the county.”
Dutchess County Executive Marc Molinaro: “The Hudson Valley has long been a leader in attracting entrepreneurs and innovation, and Hudson River Ventures will help ensure our region remains a leader.”
Orange County Executive Edward A. Diana: “We welcome the opportunity to work with Hudson River Ventures as they contribute to advancing the region’s economic attraction and retention efforts.”
Ulster County Executive Mike Hein: “The business community of Ulster County and the entire Hudson Valley will be augmented by Hudson River Ventures’ efforts to grow entrepreneurship, strengthen local companies and help create more jobs.”
Putnam County Executive MaryEllen Odell: “Hudson River Ventures is affording ‘entrepreneurs’ the opportunity to grow or build a business in the Hudson Valley Region, by supporting their contribution to private public partnerships, we hope this will enhance economic development and, therefore, create jobs in the region.
Sullivan County Partnership President Allan Scott: “With access to capital becoming ever more challenging, we welcome Hudson Valley River Ventures as an integral partner in helping our regional growth industry sectors to grow and expand.”
Scenic Hudson Ned Sullivan: “Across the country, job creation is hampered by cautious financial institutions and cash-strapped government agencies. Sean Eldridge is boldly stepping into this arena with the vision, courage and resources to revitalize the Hudson Valley’s economy by investing in sustainable small businesses – with the most capable and effective partner – Mike Oates and HVEDC.”
About Hudson River Ventures LLC: Hudson River Ventures, LLC is a small business investment fund focused on the Hudson Valley. Founded by Sean Eldridge of Garrison, N.Y., in 2011, Hudson River Ventures works to empower entrepreneurs and build thriving businesses throughout the Hudson Valley. Learn more at: www.hudsonriverventures.com.
About Hudson Valley Economic Development Corporation (HVEDC): HVEDC represents seven counties in Hudson Valley. This public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC also helped start the branding and promotional effort for NY BioHud Valley. For more information on Hudson Valley Economic Development Corporation or to review available business sites, visit www.hvedc.com or call CEO Mike Oates at 845-220-2244.
