The business community in Grey-Bruce is responding positively to a new source of private sector funding and mentorship initiated by the Bluewater Angel Investor Group.

Since its launch three months ago, the Bluewater Angels have reached a number of milestones:

· About 25 companies have applied to the angel group since February. The applications are from various industry sectors and all areas of the region, from Tobermory to Mildmay, Kincardine to Thornbury. Two of the companies are being assessed for potential investment

· The angel group will meet in June to evaluate companies that apply before May 31

· Three accredited investors have joined the group since February, bringing angel membership to 18 people. Three other people have joined as non-investing Associate members

· A Board of Directors to govern the angel group has been selected:

o Steve Lowe (Chair): Retired BDO Partner Consultant

o Billie Bridgman (Vice Chair): Retired business leader in finance and the arts

o Rob Robinson (Treasurer): Partner with The Alliance Lawyers

o Alex Hector: retired BMO executive and Co-Facilitator of the angel group

o Tim Nicol: CEO of Nicol Insurance, Founding Sponsor of the angel group

· The Angel group has attracted several new sponsors to support its outreach and education initiatives.

o BDO Canada

o Troy Life & Fire Safety

o Bruce County

o Grey County

o City of Owen Sound

o Service sponsors: Cobble Beach Golf Resort; Progressive Results Group (Marketing)

They join previously announced sponsors Nicol Insurance (Founding Sponsor); The Alliance Lawyers; The Henry Bernick Entrepreneurship Centre at Georgian College; Leeder and Associates Wealth Management Group; and The Owen Sound & District Chamber of Commerce. Approximately 80% of the Bluewater Angels operating budget is from the private sector

· www.bluewaterangels.ca, the website for the Angel group, has been accessed by about 750 users since its February launch

Angel investing began in Ontario in 2001 with the formation of an Angel group in Toronto. Since 2007, Ontario angels have invested $250 million into 400 companies, creating or retaining approximately 8,200 jobs in the province. There are currently 26 angel networks in Ontario, including neighbouring areas such as Barrie, London, Waterloo, and Windsor.

Angel investors make individual investment decisions based on the quality of applicant businesses. Often, a group of individual angels will collaborate on an investment, which can range from tens of thousands to several hundred thousand dollars. The investment can take many forms, including equity, debt or debentures.

Bluewater Angels will seek to obtain a maximum return on investment as measured by:

1. The economic benefit it brings to the region in jobs, growth and skills

2. The engaged mentorship of angels to growth businesses and start-ups

3. The financial return it delivers to the angel investors

source: media release, Bluewater Angel Investor Group