This EDA investment supports the foundation for appalachian kentucky with providing technical assistance necessary to form and implement a professional, member-managed angel fund that supports an…

The Economic Development Administration (EDA) awarded a $684,700 Project Grant to the Foundation for Appalachian Kentucky to support the formation and implementation of a professional, member-managed angel investment fund. This fund will provide financial and intellectual capital to the emerging entrepreneurial ecosystem in Southeast Kentucky. The project aims to increase leadership and community capacity for entrepreneurship, support the growth of small businesses and tech startups, and expand the region's economic base to promote greater economic resilience. The grant is funded through the EDA's Economic Adjustment Assistance (CFDA 11.307) program, which provides technical, planning, and public works assistance to regions experiencing adverse economic changes.

This EDA investment supports the foundation for appalachian kentucky with providing technical assistance necessary to form and implement a professional, member-managed angel fund that supports an emerging southeast kentucky entrepreneurial ecosystem. Additionally, the project will leverage knowledge and experience from regionally-based, accredited investors, subject matter experts, and deal sharing networks to provide not only financial but intellectual capital to the entrepreneurial ecosystem. Once completed, the project will directly increase leadership and community capacity for entrepreneurship, support the growth and sustainability of a blended economy of small businesses and tech growth startups, and improve the number and quality of local fundable ventures, which will expand and diversify the region's economic base and promote economic resiliency throughout the region.