Press Releases

U.S. Congressman Hal Rogers (KY-05) announced today that the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund has selected Somerset-based Southeast Kentucky Economic Development Corporation (SKED) to receive a $750,000 award. SKED will use this award to make financing available to local businesses and continue to generate new job growth opportunities throughout the region.
“SKED is a lifeline for so many small business entrepreneurs and executives working hard to expand and create tomorrow’s careers for the people of Southern and Eastern Kentucky,” said Rogers. “Whether a local business is seeking technical support, investment funds for new equipment, or financial backing, this award will go a long way toward renewing confidence in our local economy. I applaud SKED and the Treasury Department for investing in our communities and providing an opportunity for economic development.”

“The fastest growing sector of job creation in America is small business. Southeast Kentucky is no different, but the lack of capital makes it difficult for entrepreneurs to start or expand their businesses,” said Greg Jones, SKED executive director. “This infusion of $750,000 from the CDFI fund will allow SKED to address the needs of small businesses throughout its service area and provide necessary funding where it’s lacking most.”

SKED is a non-profit economic development organization formed in 1986, serving 42 counties in Southeastern Kentucky. The organization works directly with individual companies, their consultants and advisors to help with a variety of services including site selection assistance, tax information, financing, training, workforce recruitment and more. As a Certified Development Corporation (CDC) by the U.S. Small Business Administration, SKED is authorized to process SBA 504 loans through the Commonwealth of Kentucky in order to provide small business financing and create jobs. Since its initial certification as a CDFI, SKED has provided loans totaling $3.4 million, created or retained 712 jobs, and leveraged $74 million in private investment in Southeast Kentucky.

CDFI was established as a bipartisan initiative through the Riegle Community Development and Regulatory Improvement Act of 1994 to promote economic revitalization and community development through investment and assistance to community development financial institutions, such as SKED. Their mission is to provide credit, capital, and financial services to underserved populations and communities in the United States.

Rogers has served Kentucky’s 5th Congressional District since 1981. With a focus on economic development, job creation, fighting illegal drugs and preserving Appalachia’s natural treasures, he has a reputation for listening to his constituents and fighting for the region he represents. For more information visit