The Shift: Banks, bikes and buds

The year is young, but NWA's entrepreneurial ecosystem is off to a strong start.

Catch up quick

👩‍💻 Startup Northwest Arkansas recently launched a coworking space in downtown Bentonville dubbed Onward HQ. The spot is designed to support startups and be a landing spot for out-of-area venture capital firms to dip their toe in the region. (Wink, wink, nudge, nudge: they're looking to invest.)

• Serafina Lalany, Startup NWA lead, tells me there will be events for networking and occasional programming to help new businesses learn things like public relations and marketing.
• Membership starts at $20 and runs to $1,888 per month.

💸 Rogers-based Oak Tree Financial Corp., led by lawyer Conner Eldridge, recently purchased Riverside Bank of Sparkman (no relation). The holding company raised $10.6 million of its $20 million offering from 55 investors, according to the Securities and Exchange Commission.

• Riverside has branches in Sparkman and Little Rock and assets of $59.9 million. It closed a loan production office in Fayetteville when interest rates climbed, Eldridge told me. But plans include opening one again in Washington County and, eventually, Benton County.
• Most of the investors live in Arkansas and the firm has hired Robert Robinson from Simmons Bank as president and COO.

🚴‍♂️ Cycling-centric entrepreneurs can now apply for the Arkansas Global Cycling Accelerator, which will be led by Startup Junkie and UA's Greenhouse Outdoor Recreation Program.

• The accelerator is looking to convene 10 startups for a 10-week program. Applicants are accepted through Feb. 11.

🤠 The Shift is a regular feature to catch up quick on what's happening in Arkansas' economy and entrepreneurial ecosystem.