Grant provides $1.1 million in COVID assistance to business

SOMERSET, Ky. (WTVQ) –  A Somerset-based economic development agency has received a $1.1 million CARES Act Recovery Assistance grant to provide financing through revolving loan funds for small businesses that have been negatively impacted by the COVID-19 pandemic.

“This grant is another weapon in SKED’s arsenal to help small businesses in southeastern Kentucky sustain operations, and even grow, during the COVID-19 pandemic,” Congressman Hal Rogers said in announcing the grant to the Southeast Kentucky Economic Development Corporation. ”I applaud SKED’s continued work to support our local businesses and retain jobs in our region during this difficult time. Revolving loan funds provide a sensible option for businesses to gain enough capital to take the next steps necessary for success.”

“We are very grateful to Congressman Rogers for securing this important funding through the CARES Act. We also value our relationship with EDA and the work they do,” said SKED Executive Director Brett Traver. “While these are difficult times, the business people of Eastern Kentucky are resilient and inventive. SKED staff wants to help the region’s businesses get through these times and be prepared to grow as we work to come out of this pandemic.”

Businesses in the following counties are eligible for assistance from SKED: Adair, Bath, Bell, Breathitt, Boyd, Carter, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Garrard, Green, Harlan, Jackson, Jessamine, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan, Owsley, Perry, Pike, Pulaski, Rockcastle, Rowan, Russell, Taylor, Wayne, Whitley, and Wolfe.

The CARES Actprovided EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus.