The Northern Kentucky Area Development District (NKADD) will receive a $550,000 grant from the U.S. Department of Commerce through funding from the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.
The money, from the Commerce Department’s Economic Development Administration (EDA), will be used to administer Revolving Loan Funds (RLF) which provide gap financing to small businesses and entrepreneurs impacted by the COVID-19 pandemic.
$11.6 million in total will come to Kentucky through the program.
“These investments come at a crucial time to help Kentucky’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development, in a statement. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Kentucky businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Small businesses are invaluable pillars in our communities,” Governor Andy Beshear said in the announcement. “Our business owners have diligently followed guidelines and prioritized protecting their fellow Kentuckians. We can’t thank them enough for their help combatting COVID-19 and it is imperative we help them thoughtfully rebuild and stay economically resilient. Thank you to everyone who made this funding possible and for investing in Kentucky.”
“Kentucky’s small businesses are ready to lead our economic comeback, and I’m proud the CARES Act continues delivering assistance so they can do just that,” said Senate Majority Leader Mitch McConnell. “Our bold rescue legislation continues making a $12 billion impact across the Commonwealth, supporting Kentucky families, workers, small businesses, and healthcare heroes. This investment can help Main Street job creators weather this storm so Kentucky can grow once again. I’m grateful to President Trump and Secretary Ross for supporting Kentucky workers and small businesses.”