this section that the angel group invests in that small busi-
ness concern. 
‘‘(h) REPAYMENT OF FINANCING.—As a condition of 
receiving financing under this section, the Director shall 
require an angel group to repay the Director for any in-
vestment on which the angel group makes a profit an 
amount equal to the percentage of the profit that is equal 
to the percentage of the total amount invested by the angel 
group that consisted of financing received under this sec-
tion. 
‘‘(i) ANGEL INVESTMENT FUND.— 
‘‘(1) ESTABLISHMENT.—There is in the Treas-
ury a fund to be known as the Angel Investment 
Fund. 
‘‘(2) 
DEPOSIT
OF
CERTAIN
AMOUNTS.— 
Amounts collected under subsection (h) shall be de-
posited in the fund. 
‘‘(3) USE OF DEPOSITS.—Deposits in the fund 
shall be available for the purpose of providing fi-
nancing under this section in the amounts specified 
in annual appropriation laws without regard to fiscal 
year limitations. 
‘‘(j) DEFINITIONS.—In this section: 
‘‘(1) The term ‘small business concern owned 
and controlled by veterans’ has the meaning given
that term under section 3(q)(3) of the Small Busi-
ness Act (15 U.S.C. 632(q)(3)). 
‘‘(2) The term ‘small business concern owned 
and controlled by women’ has the meaning given 
that term under section 8(d)(3)(D) of such Act (15 
U.S.C. 637(d)(3)(D)). 
‘‘(3) The term ‘socially and economically dis-
advantaged small business concern’ has the meaning 
given that term under section 8(a)(4)(A) of such Act 
(15 U.S.C. 637(a)(4)(A)). 
‘‘(k) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to carry out this section— 
‘‘(1) $25,000,000 for fiscal year 2007; 
‘‘(2) $50,000,000 for fiscal year 2008; and 
‘‘(3) $75,000,000 for fiscal year 2009. 
‘‘SEC. 382. FEDERAL ANGEL NETWORK. 
‘‘(a) IN GENERAL.—Subject to the succeeding provi-
sions of this subsection, the Director of the Office of Angel 
Investment shall establish and maintain a searchable data-
base, to be known as the Federal Angel Network, to assist 
small business concerns in identifying angel investors. 
‘‘(b) NETWORK CONTENTS.—The Federal Angel Net-
work shall include— 
‘‘(1) a list of the names and addresses of angel 
groups and angel investors;
‘‘(2) information about the types of investments 
each angel group or angel investor has made; and 
‘‘(3) information about other public and private 
resources and registries that provide information 
about angel groups or angel investors. 
‘‘(c) COLLECTION OF INFORMATION.— 
‘‘(1) IN GENERAL.—The Director shall collect 
the information to be contained in the Federal Angel 
Network and shall ensure that such information is 
updated regularly. 
‘‘(2) REQUEST FOR EXCLUSION OF INFORMA-
TION.—The Director shall not include such informa-
tion concerning an angel investor if that investor 
contacts the Director to request that such informa-
tion be excluded from the Network. 
‘‘(d) AVAILABILITY.—The Director shall make the 
Federal Angel Network available on the Internet website 
of the Administration. 
‘‘(e) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to carry out this section 
$1,000,000, to remain available until expended. 
‘‘SEC. 383. GRANT PROGRAM FOR DEVELOPMENT OF ANGEL 
GROUPS. 
‘‘(a) IN GENERAL.—The Director of the Office of 
Angel Investment shall establish and carry out a grant
program to make grants to eligible entities for the develop-
ment of new or existing angel groups and to increase 
awareness and education about angel investing. 
‘‘(b) ELIGIBLE ENTITIES.—In this section, the term 
‘eligible entity’ means— 
‘‘(1) a State or unit of local government; 
‘‘(2) a nonprofit organization; 
‘‘(3) a state mutual benefit corporation; 
‘‘(4) a Small Business Development Center es-
tablished pursuant to section 21 of the Small Busi-
ness Act (15 U.S.C. 648); or 
‘‘(5) a women’s business center established pur-
suant to section 29 of the Small Business Act (15 
U.S.C. 656). 
‘‘(c) APPLICATION.—To receive a grant under this 
section, an eligible entity shall submit an application that 
contains— 
‘‘(1) a proposal describing how the grant would 
be used; and 
‘‘(2) any other information or assurances as the 
Director may require. 
‘‘(d) REPORT.—Not later than 3 years after the date 
on which an eligible entity receives a grant under this sec-
tion, such eligible entity shall submit a report to the Ad-
ministrator describing the use of grant funds and evalu-