What is TNInvestco?
The Tennessee Small Business Investment Company Credit Act was signed into law on July 9, 2009. The Act offers $120 million in gross premiums tax credits to insurance companies that invest in companies certified by the State of Tennessee as “TNInvestcos.” On November 5, 2009, six TNInvestcos were selected and certified to receive the $20 million credit allocations. Four additional TNInvestcos were added to the program and certified to receive the $20 million credit allocations in a second round in June 2010.
Innova Fund II, LP was honored to be selected as one of the initial 6 certified TNInvestcos.
If you want to learn more about the TNInvestco initiative, go to the TNInvestco website at http://www.tennessee.gov/ecd/tninvestco/
Who has been selected to receive the $20 million credit allocations?
The 10 TNInvestcos are:
To see a description of all TNInvestcos, click here.
What criteria must my company meet to be considered for receiving investment from Innova and other TNInvestcos?
To qualify to receive investment funds from a TNInvestco, a business must meet the following requirements:
Once a business qualifies to receive investment funds, it may continue receiving funds so long as it continues to be headquartered and principally operated in Tennessee with at least 60% of its employees located in Tennessee.
If you would like to submit an idea to Innova for consideration, click here.
Availability of Capital
Innova, and the portfolio companies in which we invest, shall strive to maximize the participation of minority-owned businesses and woman-owned businesses to reflect the racial, ethnic and gender diversity of Tennessee's population. Additionally, TNInvestco is an equal opportunity program and does not discriminate in employment or investment on the basis of race, color, religion, sex, national origin, citizenship status, age, disability, political affiliation or belief. Through the TNInvestco program, Innova has capital available to invest in businesses including, but not limited to, minority-owned businesses and woman-owned businesses pursuant to the restrictions in the Tennessee Small Business Investment Company Credit Act. Each TNInvestco, including Innova, shall coordinate its efforts to strive to maximize participation in minority-owned businesses and woman-owned businesses with the efforts of the State of Tennessee’s Department of Economic and Community Development (ECD).
"Minority-owned business" means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state.
"Woman-owned business" means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more women and whose management and daily business operations are under the control of one (1) or more women.