A Conversation with Matt Dunbar, Managing Director of the Upstate Carolina Angel Network

UCAN was formed in early 2008 through the efforts of co-founders J.B. Holeman and Tim Reed. The group held its first official meeting in April 2008 and includes more than 70 founding members.

The Upstate Carolina Angel Network (UCAN) is a group of accredited investors located in Upstate South Carolina who invest in and support start-up and early-stage, high-growth businesses in the Southeastern United States. Their members possess a broad array of business experiences and skills they bring to bear in helping to screen and evaluate potential portfolio companies.

UCAN is not an investment fund, but rather, a network of investors who make individual investment decisions after working together to evaluate candidate companies. Investments are made through single-purpose LLCs made up of UCAN members who wish to make an investment.

The South Carolina legislature is currently debating a tax credit incentive program similar to ones that have been implemented in 23 states, including North Carolina and Georgia. Bill H. 3779 (the Bill Wylie Entrepreneurship Act) would allow an angel investor to claim a nonrefundable state income tax credit of thirty-five percent of its qualified investment in a business start-up company.

HISTORY OF LEGISLATIVE ACTIONS

3/2/2011 House Introduced and read first time

3/2/2011 House Referred to Committee on Ways and Means

4/6/2011 House Committee report: Favorable Ways and Means

4/13/2011 House Member(s) request name added as sponsor: Hodges

4/13/2011 House Read second time

4/13/2011 House Roll call Yeas-78 Nays-18

4/14/2011 House Read third time and sent to Senate

4/14/2011 Senate Introduced and read first time

4/14/2011 Senate Referred to Committee on Finance