U.S. Congressman Harold “Hal” Rogers (KY-05) announced today that the U.S. Department of Agriculture Rural Development (USDA-RD) program has approved a $750,000 loan through their Intermediary Relending Program for the Kentucky Highlands Investment Corporation (KHIC). These funds are targeted to provide low-interest loans for business and community development, which in turn will generate an estimated 50 jobs in the region.
“In these challenging economic times there is no one more qualified than Kentucky Highlands to provide loans and technical support to local businesses in southern and eastern Kentucky,” said Rogers. “Whether it is creating jobs, offering technical assistance to entrepreneurs, or developing new business opportunities to hard working families of our region, Kentucky Highlands’ efforts are crucial to improving our communities and creating an environment where businesses can excel. As this important project progresses I am looking forward to seeing the positive effects it has on our region.”
Rural Development funds are used to provide loans and grants to rural programs that will provide economic development. The Intermediary Relending Program was created to alleviate poverty and increase economic activity and employment in rural communities. KHIC will use these funds to continue supporting small and medium-sized business through equity investments, lending and technical assistance. In addition, this project will serve 14 counties by investing loan proceeds in community development projects including start-ups and expansions to finance real estate, equipment and working capital needs.
KHIC was formed in 1968 to stimulate growth and create employment opportunities in Southeastern Kentucky. KHIC currently serves the following twenty-two counties in Kentucky: Bell, Clay, Clinton, Cumberland, Estill, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Letcher, Lincoln, Madison, McCreary, Owsley, Perry, Pulaski, Rockcastle, Russell, Wayne, and Whitley.
Rogers currently serves as a senior member of the House Appropriations Committee. Through this role, Rogers supports important initiatives in the Fifth Congressional District.