The Bluegrass state is home to well over 300,000 small businesses, and if you’re one of those lucky business owners, we’ve got some fantastic funding options for you. The list below is chock full of business grant and loan opportunities for Kentucky-based businesses. Take a look to discover whether your business is eligible and apply today.
Department or Agency: Kentucky Economic Development Finance Authority
Loan or Grant title: Small Business Loan
The Kentucky Economic Development Finance Authority offers a Small Business Loan so that local businesses can maintain a competitive edge in the market. This loan is specifically for businesses in the service and technology, manufacturing, and agribusiness industries. Loans range from $15,000 to $100,000 and can be used toward making updates, purchasing equipment, and other business expenses. Among other qualifications, eligible businesses must have 50 or fewer full-time employees. Additionally, the business is required to create one new job within one year of closing on the loan.
Department or Agency: Kentucky Export Initiative
Loan or Grant title: State Trade Expansion Program Grant
Kentucky small businesses looking for assistance with international exports may be eligible for a grant through Kentucky’s State Trade Expansion Program. Qualified applicants may receive reimbursement for steps taken (such as training and marketing) to improve or develope the business’ international export program.
Department or Agency: Kentucky Highlands Investment Corporation
Loan or Grant title: Micro Enterprise Loan
In an effort to help local small businesses succeed, Kentucky Highlands Investment Corporation offers a Micro Enterprise Loan. Eligible small businesses must be within the company’s service area, which includes Bell, Clay, Clinton, Cumberland, Estill, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Letcher, Lincoln, Madison, McCreary, Owsley, Perry, Pulaski, Rockcastle, Russell, Wayne, and Whitley counties. Only businesses in the industrial, service, and commercial industries are eligible to apply. Loans range from $500 to $50,000 and can be used to finance real estate, purchase equipment, and for working capital.
Department or Agency: Kentucky Highlands Investment Corporation
Loan or Grant title: Small Business Loan
Kentucky Highlands Investment Corporation offers a Small Business Loan to boost the likelihood that Kentucky’s small businesses grow and flourish. Eligible small businesses must be within the company’s service area, which includes Bell, Clay, Clinton, Cumberland, Estill, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Letcher, Lincoln, Madison, McCreary, Owsley, Perry, Pulaski, Rockcastle, Russell, Wayne, and Whitley counties. Only businesses in the industrial, service, and commercial industries are eligible to apply. Loan amounts can range up to 75% of the project costs or $250,000 – whichever is less. At least 10% of the project costs must be paid through the business owner’s equity. Loans can be used toward financing real estate, purchasing equipment, and working capital.
Department or Agency: Metropolitan Business Development Corporation (METCO)
Loan or Grant title: Midi Loan
METCO offers several loans for small businesses in Kentucky’s Jefferson County. The Midi Loan is available in amounts ranging from $5,000 to $50,000 and can be used toward working capital, equipment purchases, improvements to commercial property, and other expenses to help new and existing businesses grow and expand.
Department or Agency: Metropolitan Business Development Corporation (METCO)
Loan or Grant title: Business Accelerator Loan
METCO offers several loans to help small businesses in Kentucky’s Jefferson County succeed. The Business Accelerator Loan is available for small businesses in low- to moderate-income areas that do not have access to traditional financing options. Loans in amounts ranging from $15,000 to $30,000 are available for businesses open for less than one year. For businesses that have been in operation for longer than one year, the loan maximum is $50,000. Funds can be used toward working capital, equipment purchases, improvements to commercial property, and other expenses to help new and existing businesses grow and expand.
Department or Agency: Southeast Kentucky Economic Development (SKED)
Loan or Grant title: Business Loans
For businesses located in Southern or Eastern Kentucky, SKED offers loans to help with business growth and expansion. These loans can be tailored to meet the unique needs of applicants and are customized for businesses of any size. SKED also provides technical assistance and other resources for businesses that qualify for their loans. Funds can be used for purchasing real estate, refinancing, buying equipment, and other expenses acquired through the growth or expansion of a business.
CURRENTLY CLOSED BUT FYI FOR THE FUTURE, IN CASE IT RE-OPENS:
Department or Agency: Keyhorse Capital
Loan or Grant title: Kentucky Enterprise Fund
Keyhorse Capital was created by the Kentucky Science and Technology Corporation to provide access to venture capital to Kentucky’s small businesses. They provide pre-seed and seed stage funding to entrepreneurs seeking to provide innovative opportunities throughout the state and enhance Kentucky’s economic development. Qualifications include having a prototype, demonstrating the ability for revenue, showing promise to increase employment opportunities, and more.
