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Here at The Mill, Bloomington’s nonprofit center for entrepreneurship, we recently received some exciting news. The U.S. Economic Development Administration awarded us $400,000 to expand Flywheel Fund, our startup investment fund, to create a second fund.

Our grant comes from the EDA’s Build 2 Scale program, specifically its Capital Challenge. We were one of only two Indiana organizations to receive an award, and we’re thrilled that it will allow us to invest in more innovative Hoosier startups that will in turn create good jobs and grow our economy.

Pat East is executive director of The Mill.

So what is Flywheel Fund? Flywheel is an member-managed investment fund that provides up-and-coming Hoosier tech startups with the capital they need to grow quickly. Each year, SEC-qualified members join Flywheel and contribute to a pool of funds. Each cohort or “round” of investors lasts until all the funds are dispersed (usually one year).

The Mill and our partners screen companies for potential investment and distribute due diligence information to members: a report that includes bios of the founders, market analysis, financial projections and so on.

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(this story/news/article has not been edited by PostX News staff and is published from a syndicated feed)

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