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July 27, 2020 | Tom Ballard

Invest Georgia’s expected $10 million FY21 investment from state mostly eliminated

Georgia’s state-financed venture capital fund has been left with only operating money for the foreseeable future, a victim of the deep budget cuts the General Assembly approved last month.

Invest Georgia, which received allocations of $10 million in each of the last four fiscal years, is being hit with a $9.75 million reduction for FY21, which began July 1. The cut came as lawmakers were casting a wide net to find $2.2 billion in spending reductions to help offset the fiscal impact of the coronavirus pandemic. Invest Georgia has enough leftover capital from FY20 to continue investing in Georgia-based growth and early stage companies through the end of this calendar year, but the fund’s future beyond that is uncertain.

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