SOMERSET, KY – Southeast Kentucky Economic Development Corp. (SKED) has been awarded a $100,000 Rural Business Development Grant (RBDG) by the U.S. Department of Agriculture (USDA) Rural Development.
The funds will be used to shore up SKED’s current loan programs by capitalizing a revolving loan fund to help entrepreneurs and small business owners across its 45-county service region grow by purchasing equipment and/or accessing working capital.
The Somerset-based, nonprofit lender was presented with the check by USDA Rural Development State Director Travis T. Burton, following a USDA-sponsored Somerset Small Business Panel held at The Virginia in downtown Somerset on June 29.
“Small businesses have been and will continue to be crucial to the success of our economy,” said Burton. “Thanks to the leadership of President Trump and Secretary Rollins, USDA Rural Development is committed to supporting small businesses in rural Kentucky. This grant will help bring prosperity and job growth to Southeast Kentucky.”
The 40-year-old economic development organization has loaned $6.5 million in USDA Rural Development RBDG funds over the past five years, resulting in $18 million in investment, the creation of nearly 100 jobs, and the retention of 218 jobs.
SKED Executive Director Brett Traver says SKED’s partnership with USDA Rural Development has made a real difference in the region’s economic growth.
“SKED has had a 25-year relationship with USDA, as we both work together to help people and businesses in rural southeast Kentucky. I appreciate the partnership with Mr. Burton and everyone at USDA. They are a great group of people.”
The Rural Business Development Grant program promotes economic development and job creation. Grants awarded through this program can be used for myriad purposes including training and technical assistance, capitalizing revolving loan funds, and rural business incubators.
Pulaski County Economic Development leaders joined Burton and Traver on the panel to discuss the USDA’s role in helping Southeast Kentucky communities achieve long-term economic development, as well as SKED’s role and successes in several businesses across the region.
Pulaski County officials participating include Somerset Mayor Alan Keck; Bobby Clue, executive director of the Pulaski Chamber of Commerce; Somerset-Pulaski Economic Development Authority (SPEDA) Executive Director Chris Girdler; and Kentucky State Representative Josh Bray. Ashton Dockery, owner of Be You Boutique in Somerset, served as a small-business panelist.
Photographs are courtesy of the Kentucky office of USDA Rural Development.
