UCDD Exec Committee Approves Funding For Biz foundry Investment Fund

The UCDD Executive Committee approved $100,000 Wednesday to help create a new angel investment fund.

The Local Upper Cumberland Invest Fund will operate through Biz Foundry. Executive Director Mark Farley said the allocation serves as starting capital to help draw a state match to the program.

Biz Foundry President Jeff Brown said 23 firms or businesses have also invested into the program. More than one million dollars will be available for startups in the next 60 days.

Farley said the development district would serve as a bank and make money through the investments.