Goldman Sachs and the Goldman Sachs Foundation pledged $5.5 million to be disbursed to small business owners of Kentucky. The money would go directly to Kentucky Highlands Investment Corp. (KHIC) loan fund.
The $5.5 million is the net fund made available by Goldman Sachs and it will use $5 million of the money as KHIC’s loan fund. The $5 million will be given out to small businesses operating in Kentucky located in low and moderate-income areas. Another $250,000 will be used to grow KHIC’s capacity and the remaining $250,000 will be brought to use as loss reserve grant.
Kentucky now has an augmented capacity to bring vital services and provide loans to businesses operating in the state. The fund will help to open opportunities so as to allow small businesses create jobs, grow and expand in the state of Kentucky.
This step of Goldman Sachs is part of its $500 million initiative through which it intends to help 10,000 small business entrepreneurs find loans so that they can grow their enterprise. The financer focuses on providing capital, technical assistance and entrepreneurial education to small business owners.
Many small businesses in Kentucky are going to benefit due to the availability of the $5.5 million fund. They can raise extended loans for their company and can use the money for improving an existing business. Funds can also be secured for starting a new enterprise.
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