Allegany County has taken the lead on a new Southern Tier New York Angel Fund, a collaborative development venture with Chautauqua and Cattaraugus counties.

What You Need To Know


  • Southern Tier New York Angel Fund established
  • Fund is a collaboration between Chautauqua, Cattaraugus and Allegany County
  • The COVID-19 pandemic could impact access to capital

The fund seeks groups of qualified investors to financially support local entrepreneurs, as well as back start-up companies and expansions.

"One of the struggles we have in this part of the Southern Tier of New York is having anyone that's willing to step up and start companies and to have someone that actually will help invest in some of these startup companies and expansions is really important," said Craig Clark, Allegany County Industrial Development Agency executive director.

Clark says the fund was made possible through a grant from the Appalachian Regional Commission, for investors willing to take a risk on any type of business.

"Because quite often these companies can't get all the funding they need so they're coming in and supporting in a different manner. So, they're looked at as Angels by helping the new companies," said Clark.

"Well it's very exciting and I'm hoping it'll be very rewarding. The perfect Angel in my eye is somebody that loves Chautauqua County, Cattaraugus and Allegany. They love Western New York. They want to invest here," said Rich Dixon, Chautauqua County Industrial Development Agency chief financial officer. 

Dixon says some investors have already joined, acknowledging the need to keep jobs in the Southern Tier. 

"Enhancing the development of the entrepreneurial culture and spirit in the area is paramount. Wouldn't it be nice if someone from Alfred, or someone from SUNY Fredonia, or even JCC for that matter had an idea, wanted to start a business. And they could get investment and do it here," said Dixon.

Both Dixon and Clark say the fund is even more critical given the COVID-19 pandemic, as access to capital could be limited.

"There's a lot of new ideas. A lot of new technology. I think the banks will be a little more tight with their money. So, I think there will be a bigger need for Angels to come in," said Dixon.

"Continue to innovate and have support start-ups and expansion of businesses at this time, so, the timing is even better," said Clark.

A link to information about the fund can be found here.