HCA Healthcare to invest $25 million in Western North Carolina small businesses
ASHEVILLE, N.C., May 4, 2020 - Mission Health is launching the HCA Healthcare Mission Fund, a $25 million innovation fund to support healthcare-related businesses in Western North Carolina.
Created as part of Mission Health’s acquisition by HCA Healthcare – one of the nation’s leading healthcare providers – in early 2019, the HCA Healthcare Mission Fund will invest $25 million in local companies working to improve the quality, cost or efficiency of healthcare in the region.
“Western North Carolina is an incubator for innovation and ideas that further quality and efficiency in healthcare,” said Greg Lowe, president of HCA Healthcare’s North Carolina Division. “We are grateful for the establishment of the HCA Healthcare Mission Fund to help these important businesses continue to thrive and make an impact in the community.”
While work to establish the HCA Healthcare Mission Fund has been going on for more than a year, the launch comes at a time when small businesses across the United States, and particularly in WNC, are facing unprecedented challenges as a result of the COVID-19 pandemic.
“We know this is a hard time for a lot of business owners and entrepreneurs in our community,” Lowe said. “Our intention when we created the HCA Healthcare Mission Fund was that it would spur innovation for the rapidly evolving healthcare landscape, but we’re also proud to be able to contribute to sustainable, long-term economic development in Western North Carolina when it’s really needed.”
In an initial effort to support the local entrepreneur ecosystem, the HCA Healthcare Mission Fund will sponsor Venture Asheville’s 2020 Asheville Impact Micro Grant program. The HCA Healthcare Mission Fund will provide $10,000 to Venture Asheville in support of the Asheville Impact Micro Grant competition including one $5,000 grant which will be designated specifically for a local startup in health and wellness.
“HCA Healthcare’s investment in our region supports our economy’s continued diversification and allows our other healthcare stakeholders to continue working concurrently in improving the health of Western North Carolina,” said Jeffrey Kaplan, Director of Venture Asheville, the high-growth entrepreneurship initiative of the Economic Development Coalition for Asheville-Buncombe County and the Asheville Area Chamber of Commerce. “These new funds are a great leap forward in our economic recovery, creating new opportunities for entrepreneurs facing unprecedented challenges.”
The HCA Healthcare Mission Fund also announced today the formation of its local advisory board, which comprises a highly experienced group of local executives intimately familiar with both the entrepreneur community and environment in WNC and the healthcare industry. The local advisory board, which will guide the HCA Healthcare Mission Fund’s funding decisions, includes:
- Stephanie Alexander, Healthcare Entrepreneur and Consultant
- Jeffrey Kaplan, Venture Asheville
- Dr. Richard Bock, Asheville Vein Center
- Ben Teague, Biltmore Farms
- Greg Lowe, President of HCA Healthcare North Carolina Division
- Terence van Arkel, CFO of HCA Healthcare’s North Carolina Division
The HCA Healthcare Mission Fund is actively seeking and evaluating investment opportunities. It will maintain a broad scope for investment activity, providing access to funding opportunities for entrepreneurs, companies and not-for-profit economic development activities throughout the region. Initial investments will range from $500k to $5 million with additional funding available for follow on investments.
For more information about the HCA Healthcare Mission Fund, please visit, www.hcahealthcaremissionfund.com.