The Community Foundation is pleased to announce the establishment of the Accelerate Ocala First Step Fund, LLC. This Fund will serve as the primary funding source to support cash collateral loans and loan guarantees to qualified business start-ups in Ocala/Marion County.
Created as a 501(c) (3) not for profit/evergreen fund, Accelerate Ocala First Step Fund LLC (FSF) will address the gap in access to capital through traditional lending channels at the incubator or formation stage for start-up companies. Through a partnership with the Bankers’ Roundtable, the First Step Fund will provide access to critical seed capital to qualified start-up businesses.
The goal of the First Step Fund is to support entrepreneurs in creating commercially viable and sustainable companies with the expressed purpose of job creation and the economic leverage of revenue generation for our community.
By establishing the FSF as a not for profit, a unique partnership is thereby created between community minded donors, bankers and entrepreneurs toward a common goal of economic vitality.
With contributions ranging from $2500 to $10,000, the fund has raised in excess of $100,000 in contributions with a goal to double that amount within the year.