MAYFIELD, Ky. (AP) — A regional agency set up to mitigate a large economic loss in western Kentucky has approved four entrepreneurial loans.
The Purchase Area Development District has the mission of replacing jobs lost with the closure of the government's Paducah Gaseous Diffusion Plant.
The Paducah Sun (http://bit.ly/UEcWwj ) reported an arm of the agency, Paducah Area Community Reuse Organization, approved loans on Wednesday for projects in Calloway, Graves, Hickman and Ballard counties.
The Murray-Calloway County Industrial Development Authority will get $500,000 to aid expansion of Kemerich Metal Engineering in Murray. The Fulton County-Hickman County Industrial Development Authority is receiving a $350,000 loan. A $250,000 loan will go to the Industrial Authority of Mayfield-Graves County for Ace Compressor in Mayfield. A loan of $253,000 was approved for Two Rivers Fisheries for an Asian carp processing plant in Ballard County.
According to financial records, it was the first time since 2009 that the Paducah Area Community Reuse Organization has issued an industrial park loan and the first time since 2--7 that it has issued an entrepreneurial loan.
Purchase Area Development District Director Jennifer Beck Walker said an upswing in the economy was responsible for the influx of loans.
"We are really fortunate," she said. "We are starting to see the economy come back to our region."
Information from: The Paducah Sun, http://www.paducahsun.com