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More angels spreading wings for Charlotte entrepreneurs (access required)

By Bea Quirk CHARLOTTE — Faced with stringent underwriting standards, local entrepreneurs looking to fund their businesses’ growth have stopped turning to local banks for funding. Instead, they are looking to the angels. Angel investors, that is. Although angel money is difficult to get — like any funding these days — Charlotte’s angel community is growing and becoming more structured. That’s good news for small business owners looking for expansion capital.  “No one in our universe is going to banks any more,” observed Paul Wetenhall, president of UNC Charlotte’s Ben Craig Center Business Incubator. “Even in good economic times, getting funds from banks was a challenge, and now the environment is even more unfriendly.”

2 comments

  1. Nice article – and great initiatives!

    Below are some links to content that might be of interest to people adding “structure” to Charlotte’s angel community.

    A description of using convertible notes for seed capital financings (see page 1):
    http://www.fenwick.com/docstore/Publications/Corporate/2009_Raising_Initial_Funding.pdf

    A summary of how “price caps” may help mitigate certain issues angels may have with convertible note financings: http://www.startupcompanylawyer.com/category/convertible-note-bridge-financing/

    Series AA Equity Financing Documents (apparently made available by Y Combinator and Wilson Sonsini): http://www.ycombinator.com/seriesaa.html

    JT

  2. This is interesting. I’ve seen these groups but have heard that they are not very active.

    At Charlotte 2.0 we definitely encourage any and all investment in the CLT region. Hopefully we will see more innovation and web start-up investment from these folks so we can grow our tech infrastructure and presence nationwide.

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