AUGUSTA – The Small Enterprise Growth Fund, a venture capital fund established by the state in 1997, has finalized investments during the past 90 days in three Maine companies.

The Small Enterprise Growth Fund is an $8 million revolving evergreen fund established by the Maine Legislature in 1995 and originally funded through bond issue proceeds in 1997. The fund seeks investments in small Maine companies with the potential for high growth and public benefit, and currently has 16 companies in its portfolio. The Small Enterprise Growth Board, composed of 11 members appointed by the governor, has statutory authority for the fund.