Financial Incentives For Kentucky Businesses

The state of Kentucky offers a number of incentives to further enrich it’s bustling business atmosphere. The state’s Cabinet for Economic Development created the “Kentucky Economic Development Finance Authority” (KEDFA) in order promote economic growth, the proliferation of the business sphere, and the addition of new jobs. KEDFA furnishes Kentucky businesses with needed financial aid through a wide variety of programs. These programs include tax credit assistance.

The commonwealth continues to develop a more financially sound economy by helping businesses thrive and assisting its citizens in finding and keeping full-time employment.

In order to qualify for statewide loan and tax incentive programs, a business of individual must first secure approval through the KEDFA, with the exception of a few programs (including the Skills Training Investment credits, which are approved by the Bluegrass State Skills Corporation).

Meetings for the KEDFA are monthly and they take place on the last Thursday of the month. Proposals that need approval have to be delivered by the Friday prior to the KEDFA meeting. If proposals are not received by the Friday prior to the meeting, they will not be considered for funding.

Before beginning the application process, you can check out whether or not your business is qualified for the incentive. To find out if your business meets the guidelines, you can get in touch with one of the three Regional Offices, or the Department for New Business Development. Once you contact the one of the program representative, a professional economic development agent will be appointed to your case. The agent assigned to assist you will be able provide useful information and help you to navigate through the process of applying and hopefully gaining approval.

Email for more information:
cedsbsd@ky.gov

Read about incentives and funding assistance for High tech. business in Kentucky.
High-tech funding KY

Current known programs:

KEDFA offers a mortgage loan program to work in conjunction with private financing. The program is designed to allow businesses to obtain the long term financing needed to encourage growth. KEDFA may participate in projects with loans ranging from $25,000 to $500,000. The amount of KEDFA participation is dependant on the project fixed asset cost.

Contact information:

Don Goodin
Kentucky Economic Development Finance Authority
Old Capitol Annex
300 West Broadway
Frankfort, KY 40601
(502) 564-4554
Fax: (502) 564-7697
don.goodin@ky.gov

For additional information on government support and information for small and medium sized businesses and start-ups, please visit the Cabinent for the State of Kentucky website:
http://www.thinkkentucky.com/SMBD/ERN/ernMain.aspx