Seed fund expects 100 applications for 6 to 8 spots


The Portland Seed Fund has already received more than 40 applications for its first funding round, and expects to get as many as 100 by the June 6 deadline.

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The Portland Seed Fund has already received more than 40 applications for its first funding round, and expects to get as many as 100 by the June 6 deadline.

The fund has raised $2 million, most by public sources including the cities of Portland and Hillsboro.

The city-backed initiative aims to provide early-stage “seed loans” between $25,000 and $50,000 to help startups develop their products. It plans to offer additional backing to the most promising entrepreneurs, and hopes to connect some of those startups to wealthy angel investors and venture capitalists.

In Oregon, skeptics have questioned whether the relatively small seed loans will make a difference to entrepreneurs. Backers cite Portland’s chronically poor funding environment, and say the fund can plug a hole created when the financial crisis made banks more reluctant to loan to early-stage companies.

Read more at OregonLive.com.

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