St. John’s-based Genesis has initiated a $775,000 micro fund that will provide initial financing to about 38 companies over the next three years.
Genesis announced this week that the Genesis Micro Fund will provide grants of up to $20,000 to each company, to be released in increments based on milestones that the parties agree on. The companies are all members of Genesis’ Enterprise incubator, which supports early-stage companies.
The fund received contributions of $300,000 from the federal government and $125,000 from the provincial Department of Tourism, Culture, Industry and Innovation.