Investment aids local franchise
Published: Fri, March 19, 2010 @ 12:00 a.m.
By DON SHILLING
A new investment club completed its first investment deal, and officials promised to keep working on more.
A member of Garden Club Angels provided an undisclosed investment in a House of Speed franchise owned by Steve Halloran, 38, of Poland.
Halloran used the money to buy equipment and a trailer so he could take his sports performance- training business to the community. He has arrangements to offer services at the Youngstown YMCA, Salem Community Center, Struthers Glacier Dome and New Castle YMCA.
The investment was announced Thursday at Youngstown State University, but the investor was not identified.
Garden Club Angels was formed last year by Pat Gaughan, a consultant with the Youngstown Business Incubator, and Peter Kasvinsky, dean of the YSU School of Graduate Studies and Research.
The club, which has 45 members, meets monthly to listen to business proposals from entrepreneurs or business owners in need of capital. Investors make individual investment decisions.
Gaughan said the area was lacking a group that would consider making an equity investment so a business owner doesn’t have to rely on credit cards or loans for expansion.
Gaughan said he is trying to persuade people to look into investing in local companies as a way of building wealth and helping the community.
“Our goal is to help build a healthy investor community in the Youngstown area, so that people with good ideas and good products can be matched with individuals who want to put up at-risk money,” he said.
Garden Club Angels has heard 15 proposals, and Gaughan said he is confident more deals will be completed as entrepreneurs develop their business plans and more investors are drawn in.
More information is available at gardenclubangels.org or by calling (330) 884-6264