L. RAY MONCRIEF
Mr. Ray Moncrief is President and Chief Executive Officer and a board member of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, L.P., organized to make equity investments in small business enterprises as defined by the New Markets Venture Capital regulations of the U. S. Small Business Administration.  Mr. Moncrief is the Manager of the Southern Appalachian Fund.

Mr. Moncrief has held various positions within Kentucky Highlands Investment Corporation since 1984 and is currently Executive Vice President and Chief Operating Officer.  He is President and Chief Executive Officer of Mountain Ventures, Inc., a Small Business Investment Corporation (SBIC) licensed by the U. S. Small Business Administration and a wholly-owned subsidiary of Kentucky Highlands Investment Corporation.  In these capacities, Mr. Moncrief is responsible for the investing activities of Kentucky Highlands and Mountain Ventures including analyzing new investments and portfolio management.  He has served as Chief Executive Officer of five of Kentucky Highlands' portfolio companies and has been instrumental in providing financial and operational leadership in many turnaround and financial restructuring situations.  Mr. Moncrief has in-depth experience in startup, expansion, and divestiture of businesses.  He provides technical and management assistance to entrepreneurs during every phase of business development beginning with the creation of their business plans and the startup and capitalization through the expansion of their companies, and the eventual sale of their companies.  

Additionally, Mr. Moncrief is President and a board member of Eclipse Management, LLC, the General Partner of Meritus Ventures, L.P., organized to make equity investments in small business enterprises as defined by the Rural Business Investment Company regulations.  Mr. Moncrief is a Partner in Meritus Ventures.

Mr. Moncrief is a founding director and is currently Chairman of the Board of Directors of the Community Development Venture Capital Alliance ( CDVCA ).  CDVCA honored Ray with a special Lifetime Achievement Award in March, 2004.  This award recognized his deep-rooted commitment to using venture capital tools as a means of creating lasting change in the lives of low income individuals and the economies of distressed communities.    Mr. Moncrief is also a member of the board of directors of the New Markets Tax Credit Coalition and the Community Development Financial Institution Coalition.

Mr. Moncrief is an active Director on four corporate Boards of Directors, and is a past member of the Board of Governors of the National Association of Small Business Investment Companies (NASBIC) and is a past member of the Executive Committee of NASBIC.  He is a founding board member of Southern Kentucky Economic Development Corporation.  Mr. Moncrief has traveled nationally and internationally speaking about the use of equity investment as an economic development strategy.  He has participated in several study groups analyzing capital needs in rural areas including an economic round table at the White House. Mr. Moncrief is often called upon to conduct training sessions at various conferences and meetings.  Mr. Moncrief is a graduate of Leadership Kentucky.

Mr. Moncrief is a 1972 graduate of Louisiana Tech University with a B.S. Degree in Accounting and completed graduate courses at Lamar University .  From 1972 through 1978, he held various accounting positions of progressively increasing responsibility with Firestone Tire and Rubber Company.  In August 1978, he became the Chief Financial Officer of Outdoor Venture Corporation, Stearns , Kentucky , and served there until June 1983.  Mr. Moncrief became Chief Executive Officer and an owner of Medical Management Corp., an emergency room management company in 1983.  In 1987, he and others founded Shadow, Inc., a manufacturer of high-quality bass boats, where he served as President until December 1989.