ASHLAND, Ky. — The Tri-State Angel Investment Group is making a $100,000 investment in The Winchester Steak, Seafood and Bourbon Bar — the restaurant that will operate in the Marriott-brand Delta Hotel.
The investment is a part of a more than half-million dollar grant given to the group through the Appalachian Regional Commission last fall, allowing members to further help entrepreneurs start and grow their businesses in the area. The ARC tasked the group with working with 50 companies over the next three years, all of which the group does not necessarily have to make an investment in.
Jason Camp, a partner in The 3 J Group — alongside John Vorndran and Jimmy Blanke — that owns the restaurant, said the funding will make the opening process easier as hotel construction continues. The hotel is now set to open around mid-June and Camp said both it and the restaurant must open concurrently.
“For us it’s additional cash flow for us to make ends meet with the delay with the hotel,” he said.
Don Perry, Angel’s chairman, said the investment will also probably be much more with additional sidecar investments from members of the group. Sidecar investments are individual investments made by group members, excluding investments agreed on by the group.
Camp said the budget he presented for the restaurant was $830,000. He estimated the restaurant will initially employ around 110 people.
Camp is also a member of the Tri-State Angel Investment Group. He noted the investment is a win-win on both ends, referring to the restaurant’s job creation and future role in the community.