SOMERSET, Ky. — The U.S. Economic Development Administration has awarded $1.1 million in stimulus funds to the Southeast Kentucky Economic Development Corporation.
The money will be used to create a revolving loan fund to provide loans to small businesses impacted by the coronavirus pandemic in 45 counties in southern and eastern Kentucky.
Congressman Hal Rogers praised the decision.
“This grant is another weapon in SKED’s arsenal to help small businesses in southeastern Kentucky sustain operations, and even grow, during the COVID-19 pandemic,” Rogers said. “I applaud SKED’s continued work to support our local businesses and retain jobs in our region during this difficult time. Revolving loan funds provide a sensible option for businesses to gain enough capital to take the next steps necessary for success.”
Businesses Adair, Bath, Bell, Breathitt, Boyd, Carter, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Garrard, Green, Harlan, Jackson, Jessamine, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan, Owsley, Perry, Pike, Pulaski, Rockcastle, Rowan, Russell, Taylor, Wayne, Whitley, and Wolfe counties are eligible for the loans.
More information on the program, visit skedcorp.com, online.