LOUISVILLE, Ky. — More federal money is headed to the Commonwealth to help small businesses.
Kentucky Gov. Andy Beshear announced on Monday the state will receive $117 million to expand access to capital for small businesses in the state.
The money is coming from American Rescue Plan (ARP) funds.
"It's our small business that year in and year out create more jobs than even those large announcements put together so we are grateful for this funding that is going to help small businesses, especially disadvantaged small businesses all across Kentucky," Beshear said.
The award will be distributed in three phases over a 10-year period.
Beshear said the funds will help support the Kentucky collateral support program and the Kentucky loan participation program. It provides assurance to loan providers to help meet their collateral requirements and increase the amount of Kentuckians who can get a loan for their small business.
"We'll impact the economics of when loans can be provided and ensure those that are just on the precipice that just need a little extra help but that have a solid business that can grow, create generational wealth, can get those loans that they deserve," he said.
The first of the three rounds of funding is expected sometime within the next 60 days.
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