Screen Shot 2015-12-28 at 12.14.10 PMEnterprise Angels Fund is a $4.6 million fund that invests capital into small businesses in Kentucky. This year, the organization has funded seven transactions in the $100,000-$500,000 range.

EA’s Board consists of  Mike Bowers, Doug Cobb, Tony Holland, Darren King, Charlie Moyer, Marty McClelland and Doug Whyte. Among the Louisville businesses funded this year are Collabra Music, which helps music instructors and their students collaborate online in between lessons, and Edumedics, whose team of chronic disease specialists engage with individuals to improve their health and reduce stress and complications.

“Our eight portfolio companies have created 40 jobs in 2015, and these high-growth companies now employ over 60 people in the commonwealth of Kentucky,” says Marty McClelland, chairman of the EA Fund. “We expect 2016 job creation by EA Fund companies to be dramatically higher than 2015 levels.”

“Being able to make investments in qualified early stage growth companies and providing our members with a 40 percent tax credit on those investments has helped us lower the after-tax cost of capital for our angel investors,” adds board member Tony Holland. “Because the angel tax credit program in Kentucky is one of the most attractive investor tax credit programs in America, we were able to convince two startups to relocate to Kentucky to create jobs and opportunities for Kentuckians.”

Criteria for a company to receive investment by the EA Fund include having fewer than 100 employees; currently earning revenue; locating more than 50 percent of assets, operations and employees in Kentucky; and having a strong plan to bring a product to market.

According to the EA Fund, two companies relocated to Kentucky in order to qualify for investment. Portfolio companies Onovative, a banking software company, and Collabra Music were previously located in Jeffersonville, Ind.

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