Gov. Beshear: $117 Million Federal Award To Increase Access to Capital for Kentucky Small Businesses

Statement

Today, Gov. Andy Beshear announced Kentucky will receive a $117 million award to expand access to capital for small businesses across the state through the U.S. Department of Treasury's State Small Business Credit Initiative (SSBCI).

Kentucky will use the award, allocated in three phases over a 10-year period, to launch a suite of initiatives known as the Kentucky Small Business Credit Initiative 2.0. The funding will support venture capital programs, loan support programs and Community Development Financial Institutions (CDFI), with an emphasis on access for underserved business owners.

"These funds are a boost for businesses still recovering from the pandemic, but also represent a potential watershed for the future of innovative businesses in our state," Gov. Beshear said. "This significantly increases the capital available to promising businesses at critical early stages and helps lay the foundation for Kentucky's innovative economy of the future. We must also acknowledge that while the talent and energy of our entrepreneurs and small-business owners are unmatched, the opportunity has not existed in equal measure. This funding will help more Kentuckians who may have been excluded from that opportunity in the past to realize their dreams of owning and growing a business."

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