JACKSON, Miss., Sept. 10, 2007 (PRIME NEWSWIRE) -- BizCapital, the small business lending arm of Advantage Capital Partners in New Orleans, has opened a new office in Jackson with Arthur Magee as business development officer.
"BizCapital has wanted to expand into Mississippi for some time now," Magee said. "Our ties and relationships in the state make Jackson the best location for us to serve clients."
Magee, who recently joined BizCapital, is responsible for growing the business and generating SBA, USDA and other lending opportunities in Mississippi. Before joining BizCapital, Magee worked for Budget Phone Inc. as CFO/controller. In this role, Magee was the primary financial contact for all banking matters and he was also responsible for overseeing the total financial operation of the company. Prior to that, he served as business banking manager/SBA manager/senior lender for Commercial National Bank, where he established and managed a small business lending department. Magee earned a bachelor's degree in general studies from Louisiana State University.
"We could not have picked a better candidate for this position," said Louis T. Dubuque, principal at Advantage. "Art has 27 years of solid banking experience and knows the lending business inside and out. We're thrilled to have him on board."
In 2005, Advantage Capital established a Small Business Finance Fund of $32 million for companies and entrepreneurs in low-income communities. Administered by BizCapital, the fund offers less stringent underwriting criteria and a faster response to loan applications than traditional lenders.
To qualify for investment from the fund, a company must fit the SBA definition of a small business for its particular industry and be located within a low-income census tract. In addition, at least 40 percent of the services performed by the company's employees must be performed in low-income census tracts, at least 40 percent of the company's tangible property is utilized in low-income census tracts, and at least 50 percent of the company's gross income is derived from the active conduct of the business within low-income census tracts. The company must have no plans to change its operations or characteristics of the business such that it would fail to meet any of the qualifying criteria. Certain types of businesses are excluded, such as financial institutions, country clubs, racetracks or other gambling facilities, golf courses and farms.
"We are uniquely qualified to manage this type of fund because of our expertise in evaluating these kinds of businesses and longstanding track record of raising funds and making loans for entrepreneurs in low-income areas," Magee said.
BizCapital is recognized as a leading government-guaranteed lender, helping small-to-mid-sized businesses grow and prosper, while fostering stronger economic growth in local communities. With offices in New Orleans, Jackson and St. Louis, BizCapital invests across many types of businesses and offers loans from $250,000 to $5 million in the form of SBA, USDA, mezzanine, and well-secured real estate loans.
About BizCapital and Advantage Capital Partners
BizCapital (www.biz-capital.com) is a non-depository financial institution offering competitive loans to small and medium-sized companies. BizCapital's parent firm is Advantage Capital Partners (www.advantagecap.com), a venture capital and private equity firm focused on investing in promising companies located in areas underserved by traditional venture capital. With offices and partners in New Orleans, St. Louis and several other cities, Advantage Capital has raised more than $750 million in institutional venture capital since 1992.