Venture Acceleration Fund accepting applications

Applications are now being accepted for the Venture Acceleration Fund from Northern New Mexican technology and manufacturing firms. Applications for the 2017 calendar year are due March 31 to the Regional Development Corp.

Selected companies will receive financial awards to assist in taking their innovations to market more quickly. The median award amount has averaged $36,000.

“This is the eleventh year that Los Alamos National Security, the company that manages the laboratory, will invest in Northern New Mexico companies and entrepreneurs,” said Kathy Keith, director of Los Alamos National Laboratory Community Partnerships Office. “We’re excited to be able to continue this program in 2017 because it has assisted many of our small businesses in Northern New Mexico at critical junctures.”

“The VAF has been a key source of seed financing for early stage technology and manufacturing startups in the region, and has helped create and retain more than 488 jobs since the program launched in 2006,” said Val Alonzo, executive director of the Regional Development Corp.

The VAF award is structured with repayment required only if a company is acquired, leaves New Mexico or fails to provide mutually agreed upon support to Northern New Mexico’s startup community. The repayment trigger was instituted in 2013 to help make the fund sustainable and support future entrepreneurs.

More information about the Venture Acceleration Fund, including the VAF application, terms and conditions, eligibility criteria and workshop schedule can be found at www.vafnm.org.