Businesses may soon be booming in Washington state, thanks to a new $19.7 venture capital fund designed to create jobs and boost research at the University of Washington and other state institutions. The Seattle Times reports that the initiative, called the W Fund, is one of three business plans that will be funded by a grant from the U.S. Treasury's Small Business Jobs Act of 2010. U.S. Representative Rick Larsen said the fund will help get thousands of residents with business experience on their resume back to work over the next five years. "Innovative small businesses are critical elements in rebuilding our economy, but they have struggled to have access to capital," Larsen stated. "Now they will have access to the resources they need to grow, getting people in Northwest Washington back to work." According to the state Department of Commerce, loans provided by the new program are expected to create between 4,000 to 8,000 jobs by 2016, as well as generate approximately $300 million worth of total lending. The Bureau of Labor Statistics reports that job opportunities for business administrative managers are expected to grow by 12% through the end of the decade. |