The U.S. Treasury Department has awarded Kentucky nearly $5.3 million to help small businesses receive private-sector loans.
This is the department’s third disbursement of funding to the Kentucky Small Business Credit Initiative, which has allowed over 100 businesses to access nearly $87 million in loans since 2011. The funding helps businesses of fewer than 500 employees fill gaps when they fall just short of loan requirements, reducing risk to lenders.
Through 2014, businesses reported the funding will help create or retain 673 Kentucky jobs. Businesses in 50 counties across the state have received support from the credit initiative, including several in Carlisle, McCracken, Trigg, Christian, Hopkins, Todd, and Daviess counties.
Through the U.S. Treasury Department’s State Small Business Credit Initiative disbursements, totaling $1.2 billion, businesses across the nation have been able to acquire $6.4 billion in private sector loans that will help them create or retain 140,000 jobs. The SSBCI is set to end in 2017. But to build on the momentum of its success, President Obama proposed extending the program with an additional $1.5 billion in his Fiscal Year 2016 Budget request.
