New River Gorge Regional Development Authority
Country Roads Angel Network
Beckley, WV
Seed Fund Support
Federal Share: $194,672.00
Local Match: $194,672.00
Country Roads Angel Network (CRAN), a program supported by the New River Gorge Regional Development Authority, will address the gap in access to capital in West Virginia and provide support to early-stage innovation-based companies. Without crucial access to capital, job growth and rural economic development will continue to fall behind the rise in prosperity of the rest of the country. There is a significant entrepreneurial movement taking place within West Virginia, as dedicated West Virginians have made it their mission to rebuild a devastated state, impacted by the downturn of the coal industry. Entrepreneurial support programs have now formed throughout the state and are making a positive impact by supporting entrepreneurs, to provide them with education and resources to improve their chance for success. Over the three-year project, Country Roads Angel Network is expected to bring at least $2 million from 40 potential private investors, creating at least 25 jobs, and launching 8-12 new and existing innovation-based businesses and community-based, social-impact businesses, ultimately creating new job opportunities in West Virginia.