FAQ
SPEC invests in St. Lawrence County
Where does the funding come from?
SPEC’s investments are funded by a long-term $10 million loan from the New York Power Authority.
Who can apply?
We invite your inquiry if you have a market-changing technology in the area of renewable energy or environmental technologies (any others must be approved by a two-thirds vote of our Board of Directors); have complete control of the technology; are committed to principally operating your new technology company in St. Lawrence County, New York (USA); and, are able to submit a business plan that makes a compelling case for success. You must also match each dollar of SPEC investment with two dollars of other investment.
How can I apply?
Before applying, read through the investment process page. The SPEC board meets quarterly, and you will be updated throughout the investment process.
How are funds repaid?
SPEC gets repaid as equity investors from the profits generated by or proceeds of the sale of the enterprises in which they invest, or from the sale of stock in the company.
Is this a grant or a loan?
Neither. SPEC is an equity investor in the enterprises it finances.
Are follow-on investments possible?
SPEC cannot invest more than $1 million in any single enterprise. But follow-on investments are possible, provided that SPEC’s initial investment was less than $1 million.
How will SPEC be involved with my company after an investment is made?
SPEC is a passive investor but does have quarterly reporting requirements.
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