Innovation Works is a publicly funded venture capital organization that invests seed capital in technology start-ups in southwestern Pennsylvania. In addition to funding these companies, Innovation Works provides business expertise and third-party resources to foster economic growth. Their mission is to increase the new enterprise success rate in the region.
To date, Innovation Works has made two milestone-based investments in NuRelm. NuRelm either met or exceeded all milestones set by Innovation Works. NuRelm qualifies to apply for future Innovation Works investments, although the firm has no immediate plans to seek follow-on venture capital financing at this time.
www.innovationworks.org
The CL Fund is a multi-million dollar fund that works to increase employment and expand economic opportunity in southwestern Pennsylvania. They achieve this goal by investing in companies that bring new income into the region, grow profitable, and, therefore, add quality employment. Throughout its 10-year history, the CL Fund has applied a blend of entrepreneurial vision, community knowledge, and operational expertise to strengthen and help reinvent the employment base of local communities.
NuRelm has received one milestone-based investment from the CL Fund, as well as one technical assistance grant. The firm is eligible to apply for follow-on financing with this agency, although there are no plans to secure additional investments at this time. The CL Fund also supplied bridge financing to facilitate the purchase of the NuRelm office building, a three story 12,480 square foot structure located near Pittsburgh, in historic downtown Uniontown, PA.
www.clfund.com
The Strome Fund The firm's mission is to seek superior returns from a portfolio of private equity investments by deploying the skills and experience of its principals in an effort to build valuable businesses by providing active, value-added involvement to talented management teams.
Fay-Penn Economic Development Council is a nonprofit organization that assists in the economic revitalization of Fayette County by maintaining and increasing employment opportunities, thereby improving the quality of life for its residents. The organization focuses mainly on the manufacturing sector in addition to education, workforce, tourism and infrastructure development by providing low-interest loans to local businesses to support new investment and job creation.
Fay-Penn has made two investments in NuRelm, in addition to providing low interest financing in order to facilitate the purchase of NuRelm's 40 Iowa Street property, located in Historic Downtown Uniontown, PA.
www.faypenn.org
The Eberly Trust made an angel investment in NuRelm back in the early years. We are forever grateful to the late Mr. Robert Eberly for having faith in NuRelm and for subsequently organizing the firm's first round of venture capital financing, along with Mike Krajovic, Executive Director of Fay-Penn Economic Development Council, and the Fay-Penn Board.
The Department of Community and Economic Development of the state of Pennsylvania has awarded NuRelm with several grants; an Opportunity grant and a Customized Job Training grant. In addition, NuRelm has received numerous WedNet grants from the DCED.
The DCED, through the Small Business First program, also provided low interest rate financing to facilitate NuRelm's purchase of the Uniontown office building which houses the company's headquarters.
www.newpa.com
National City Bank is NuRelm's primary bank. National City also provides NuRelm with a line of credit to meet short-term cash flow needs.
www.nationalcity.com
Advanta Bank provides NuRelm with a line of credit to meet short-term cash flow needs.
www.advanta.com
Access research about online marketing, Web design, content management, e-learning/online training, using the Web to improve efficiency and more in NuRelm's Virtual Library!