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Sen. Mark Warner’s senior policy adviser visits Allegiancy, discusses Virginia’s climate for business growth

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Sen. Mark Warner’s senior policy adviser visits Allegiancy, discusses Virginia’s climate for business growth

By: Steve Sadler, CEO, Allegiancy

April 09, 2015

I was delighted with Sen. Mark Warner’s business/economic team’s proactive outreach (you know I preach proactive!) and recent visit when they were in Richmond. Senior policy adviser Michelle Maiwurm and legislative aide Emma Peck stopped by Allegiancy’s offices to talk about our shared interest in economic growth, entrepreneurship and the regulatory/business climate in Virginia.

Sen. Warner’s staff was very professional – they would not even let us bring in sandwiches for lunch because it might violate Senate ethics rule, but I was allowed to offer them a bottle of water during the meeting. And they were exceedingly well-versed on business issues.

Ms. Maiwurm asked to hear our views on the climate for capital fundraising today, and specifically the opportunities created for investors and small businesses with crowdfunding and the new Regulation A+.  I shared Allegiancy’s story of using Reg A to raise capital last year and how we were able to double our number of employees, and that we expect to do that again this year, as a result.

I also briefed them on how onerous the regulatory process was with the old rules, with the enormous expenses of interfacing with state-level regulators and that added uncertainty introduced to the process.  Even Virginia’s own State Corporation Commission threw up frustrating barriers when Allegiancy was raising capital to grow our company. Thankfully, the Reg A+ rules have solved that problem!

Before entering public office, Sen. Warner helped found the company that became Nextel and invested in several other start-up companies, so he has a kinship with entrepreneurs. After meeting with the Senator’s staff, I am confident we have an ally in Mark Warner and someone who’s interested in streamlining regulatory processes.

His staff and I discussed the realities of entrepreneurship in America today – that the number of women starting businesses has dropped dramatically since the mid-1990s, and that entrepreneurs are typically much older now. We shared the concern that we’re not seeing the Millennials going into business for themselves like we used to.

When I indicated my suspicions that growing student loan obligations were a contributing factor, Ms. Maiwrum concurred, mentioning that Sen. Warner is extremely concerned about student loan debt and has introduced a bipartisan education reform package to help address that issue.

Ms. Peck offered great information about the Senator’s efforts to encourage venture capital growth in Southwest Virginia and other parts of our state – which contributes to new technology development and job creation.

In short, we at Allegiancy greatly appreciated the opportunity to share our experiences as a small, growing company that has actually raised capital under the old Regulation A rules and will be offering $30 million under the new Regulation A+ rules. I believe that Sen. Warner is a friend of entrepreneurs and an advocate for healthy capital development in Virginia and beyond.

About Sen. Mark Warner

Mark Warner was elected to the U.S. Senate in November 2008, and serves on the Senate Finance, Banking, Budget, and Intelligence committees. In Congress, Sen. Warner promotes private-sector innovation, small businesses and start-ups.

About Allegiancy

Allegiancy, manages commercial properties that have outperformed their peers by 45 percent since 2006. The company has approximately $300 million in assets under management and delivers clients attractive returns and profitable, hassle-free investments in commercial real estate.  

 

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