Kentucky has applied for $15,487,998 in federal funds and has served a notice of intent for the same to the U.S. Department of Treasury, conveyed Gov. Steve Beshear. The funds are part of Small Business Jobs Act, 2010 and shall be brought to use for increasing lending to Kentucky’s small businesses.
With the signing of the Small Business Jobs Act of 2010 by President Obama led to the establishment of the State Small Business Credit initiative. This initiative has made it feasible for states to receive grants for support of small business lending programs. Out of the total $1.5 billion in grants, Kentucky is allocated $15,487,998. This fund shall prove to be a great support for local entrepreneurs and small businesses.
As the credit gets unlocked, it is estimated that more than $15.4 million in federal funding shall be used to leverage private funds that will help lenders to extend credit lines to small businesses. Gov. Beshear says, “We look forward to working with numerous partner organizations across the Commonwealth to develop vital programs that will help stimulate small business growth.”
Larry Hayes, Economic Development Cabinet Secretary, filed notice of intent to make applications on behalf of commonwealth. Meetings are being currently conducted with private lenders by the Cabinet for Economic Development staff to determine ways in which federal funds can be utilized to have greatest impact on small business of Kentucky.
This opportunity opens up the scope to develop and implement critical programs that shall boost small business owners and entrepreneurs operating in Kentucky. The importance and significance of this program gets revealed in interactions with small businesses across the commonwealth.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to