A small business initiative, announced by Gov. Steve Beshear, will allow Kentucky small businesses to create jobs across the state. Small businesses having access to $155 million in new loans help to create jobs in the state of Kentucky. Three new small business programs have been implemented by Kentucky Cabinet for Economic Development. They facilitate private lending to Kentucky’s small businesses. The programs are ‘Kentucky Capital Access Program’, ‘Kentucky Collateral Support Program’ and ‘Kentucky Loan Participation Program’.
The initiative has been announced by Beshear at Coldstream Center. The center houses 25 small businesses and its employee number exceeds the 300 figure. Many of these businesses are recipients of federal small business grants. The small business credit initiative paves the way for creation of new jobs in our state. Business leaders and economic development officials work closely for establishing the overall program.
State’s successful application of $15.5 million in federal funds results in an increased access to capital. The funds will be leveraged 10-1 with private lender funds, in order, to generate $155 million as part of Small Business Jobs Act passed in September 2010. The small business jobs act allows Kentucky to access $15.5 million in SSBCI funds. The $15.5 million allocation for Kentucky is expected to support $155 million for new private lending to small businesses.
Kentucky Economic Development Finance Authority (KEDFA) is designated to accept $15.5 million in funds and administer credit support programs.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com