Ruby Red Ventures funds 3 businesses

Ruby Red Ventures funds 3 businesses
September 7, 2017 missionedc
In News and Press

Back Row L to R: Daniel Gonzalez, MEDC COO; Jody Tittle, MEDC Board VP; Richard Hernandez, MEDC Board Secretary; Alex Meade, MEDC CEO; Christiana Garcia, MEDC Programs Director; Linda Requenez, MEDC Board Treasurer; Gloria Navarro, Tortilleria La Regia; Richard Frnka, CleverSolve; Ilse Gonzalez, Neo Green; Catherine Garcia, MEDC Board member; and Ruben Plata, Mission City Council.

Mission EDC entrepreneurship program creates small business opportunities

MISSION, TEXAS – SEPTEMBER 7, 2017 – Three new small business enterprises will soon put down roots in Mission after coming out on top of the Mission EDC’s Ruby Red Ventures entrepreneurship
competition.

A health-food eatery, a commercial tortilleria, and an app developer earned the right to be funded after
going through the six-month long small business development program – in collaboration with UTRGV’s
Small Business Development Center – and then pitching their idea to a committee much like the show
Shark Tank.

The Mission EDC typically funds several small entrepreneurs annually in two cycles through the Ruby
Red Ventures program. With August’s group, the Mission EDC has invested in 34 local enterprises with
an average award of about $12,150 each.

This round of funding included:

  •  Tortilleria La Regia, a flour tortilla company that sells to restaurants and retail outlets.
  • CleverSolve, a developer of custom mobile apps and websites for phones, tablets and watches.
  • Neo Green, a fresh and healthy food prep eatery that will deliver orders to customers.

Applicants must go through a rigorous business plan development process, with assistance from the
Mission EDC and the UTRGV Small Business Development Center. Plans are then turned into completed
proposals, which are then graded.

Business plans that make the grade are then pitched by the entrepreneur to a special committee Shark
Tank style. The committee picks the winners after all presentations are complete. Funding is a grant and
not a loan; however, if funds are not used as defined in the business plan, funds must be repaid.

Additionally, the Ruby Red Ventures funding cannot be the entrepreneur’s sole source of capital. There
are two rounds of funding per year. The next round will take place in the spring of next year.

For more information contact Alex Meade at the Mission EDC at 956.585.0040.