Small businesses in the state will now have access to additional lending opportunities thanks to a grant from the Department of Treasury, announced by Governor Steve Beshear last week. The Kentucky Small Business Credit Incentive (SSBCI) grant, worth over $15 million, will be leveraged with private lender funds to generate nearly $155 million of new lending for small businesses.
The SSBCI programs will include the Kentucky Capital Access Program, the Kentucky Collateral Support Program and the Kentucky Loan Participation Program. The Kentucky Economic Development Finance Authority (KEDFA), a board established within the cabinet, has been designated to accept the $15.5 in funds and administer the new credit support programs.
“As one of the largest Kentucky-based community banks and a leading lender to small businesses, we are confident that the SSBCI programs will provide much needed capital to ensure continued growth opportunities for home grown businesses that play such an important role in communities throughout the Commonwealth,” said Steve Trager, chairman and CEO of Republic Bank, a Chamber member.
For further information about the State Small Business Credit Initiative, click here.