New Castle County Council creates Delaware Board of Trade to fund startups
WILMINGTON, Del. – New Castle County Council recently voted to approve the Delaware Board of Trade (DBOT), allowing for the issuance of $15 million in revenue bonds to fund a new stock exchange in the City of Wilmington that will be used to fund startups and create jobs. The bonds will be the obligation of DBOT and will not place the county’s credit, or taxpayer money, at risk.
DBOT also seeks to create the nation’s first ever “venture” exchange, a crowdfunding exchange that will allow startups and small companies access to capital.
New Castle County’s Comprehensive Economic Development Plan identified the state’s relative lack of access to venture capital funding as one of its biggest constraints to economic growth. Startups are not candidates for traditional bank financing and rely on venture capital funding, which has been relatively non-existent in Delaware.
Source: PR Newswire