First Heritage Co-operative Credit Union (FHC) has announced that it plans to launch a Venture Capital Fund early next year.
Making the announcement on Monday, Basil Naar, Chief Executive Officer of FHC, disclosed that a portion of the credit union’s net surplus will be used to set up the Fund.
FHC will invest in micro and small businesses with growth potential, he explained, adding that it will provide selected businesses with capital and, in turn, seek equity in the enterprises.
Mr. Naar said FHC will protect its financial interest through continuous reviews of the companies’ financial reports, while maintaining a presence on the boards of the organizations
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First Heritage Credit Union to establish venture capital fund
