The Mission Economic Development Corporation and the Mission City Council unanimously approved the creation of Ruby Red Ventures, a $100,000 small business fund that aims to nurture entrepreneurial spirit and promote the creation of innovative businesses in the City of Mission.
In particular, it seeks to encourage entrepreneurially oriented Rio Grande Valley residents to expand and/or launch new ventures in Mission. The goal of Ruby Red Ventures is to allow participates to gain a better understanding of how to develop and follow a realistic business plan, as well as, provide the participants with forums in which they develop skill in presenting their ventures.
“Considering how difficult it is to borrow money today, we need to begin removing some barriers and making capital more accessible to fuel startup growth. If we don’t support our small businesses or aspiring entrepreneurs, who will?” Alex Meade, Mission EDC CEO explained.
“The State has done an excellent job with the Texas Emerging Technology fund; however, it can’t fund all projects. The EDC believes that in order to make the state more competitive, communities now need to create their own tools.” Meade continued.
“Throughout the state and country, entrepreneurs have access to startup accelerators, angel networks, and/or venture capital funds — so why not Ruby Red Ventures in the Texas Rio Grande Valley? The Valley was founded by entrepreneurs and as economic development professionals and beneficiaries of their hard work, we, at Mission EDC, feel obligated to continue to foster that spirit.”
Ruby Red Ventures will consist of two rounds of funding per year at $50,000 per round and a maximum of $25,000 per company. Participants will be required to attend small business workshops to help them prepare sound business plans.