Now Hiring: FOCUS Economic Development Director
  • Skip to primary navigation
  • Skip to main content
  • Annual Report 2021
  • About
  • Events
  • News
  • Contact
  • Nav Social Menu

    • Facebook
    • Instagram
    • LinkedIn
    • YouTube
SKED

SKED

Southeast Kentucky Economic Development

  • Business Loans
  • Training
  • Recruitment & Expansion
  • About
    • Team
    • Staff
    • Board of Directors
    • Annual Report 2021
  • Events
  • News
  • Contact
  • Business Loans
  • Training
  • Recruitment & Expansion

Congressman Rogers Announces $4.6 Million in COVID-19 Economic Relief in Southern and Eastern Kentucky

June 24, 2021

Lending

This is a news release from the Office of Fifth District Congressman Harold Rogers.

WASHINGTON, DC — U.S. Rep. Harold “Hal” Rogers (KY-05) announces nearly $4.6 million in COVID-19 relief funds for four community development financial institutions (CDFIs) located in southern and eastern Kentucky. The U.S. Department of Treasury issued the following awards through the CDFI Rapid Response Program (RRP) in Kentucky’s Fifth Congressional District: 

  • $743,000 for Frontier Housing, Incorporated in Morehead, Kentucky
  • $1,826,265 for Kentucky Highlands Investment Corporation (KHIC) in London, Kentucky
  • $200,000 for Redbud Financial Alternatives in Hazard, Kentucky
  • $1,826,265 for Southeast Kentucky Economic Development Corporation (SKED) in Somerset, Kentucky

“As we continue to recover from the economic impact of the COVID-19 pandemic, this funding will go a long way to support job creation and business expansion where we need it the most,” said Congressman Rogers. “This funding will fast-track financial services for businesses as they revamp operations, providing more hope in our rural region as we move forward.” 

The U.S. Department of Treasury awarded a total of $1.25 billion nationwide.

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that this announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen.

The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves.

“This grant from the CDFI Fund will be instrumental in helping our region’s companies rebound from the effects of the pandemic,” said Brett Traver, Executive Director of the Southeast Kentucky Economic Development Corporation. “SKED will put these funds to work helping businesses not just recover, but grow, increase revenue and add jobs in Southern and Eastern Kentucky.”

READ MORE

Share this:
  • SEED gathering
    SEED Partners Stay Dedicated to Southeastern Kentucky During COVID-19
  • Rajant CEO Talks Investment in Eastern Kentucky
  • SBA Issues Warning: Beware of COVID-19 Phishing Schemes

Copyright © 2022. Southeast Kentucky Economic Development. Accessibility. Privacy. Terms.

made by P&P
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT