Bain Venture Capital, a company founded by the son of former Michigan Gov. George Romney, has decided to open an office in Utah to help fledgling businesses.
Mitt Romney said Wednesday he was attracted to Utah because of his religious ties with the state and because of what he perceives as a strong and growing local economy."We hope to be one of many at some point who open (venture capital) offices in Utah," he said.
Gov. Norm Bangerter said Bain will help fill an urgent need for venture capital to help Utah's entrepreneurs.
Romney said Bain helps businesses that want to use technologies in new and innovative ways, investing an average of between $500,000 and $5 million per company. The company does not help companies that are developing new technologies.