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Kentucky program helped small businesses invest millions into economy

Governor Andy Beshear announced a program designed to promote small business growth created 339 jobs and reinvested $3.64 million into 107 businesses in 2021.

LOUISVILLE, Ky. — Editor's note: The above video is Mayor Greg Fischer's announcement for small business loans in Louisville.

In a recent press release Governor Andy Beshear announced a program designed to promote small business growth created 339 jobs and reinvested $3.64 million into 107 businesses.

The program is called the Kentucky Small Business Tax Credit (KSBTC) program.

Beshear said Kentucky’s small businesses are “small and resilient.”

“This further proves that we are just getting started, on the heels of breaking our state’s economic development records,” he said.

According to the press release, applicants to the KSTBC program can receive anywhere between $3,500 and $25,000 credits annually if they fit the following criteria:

  • “Have 50 or fewer employees that hire and sustain at least one new job”
  • Buy equipment or technology valued at $5,000

The average wage of those participating in the program is $25.89 excluding benefits according to the press release.

The average hourly wage encouraged throughout Kentucky in 2021 is $24 before benefits. This is a 9.4% increase from last year.

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