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Governor Steve Beshear's Communications Office
Kentucky to Receive More Than $53 Million in Rural Development Grants, Loans
FRANKFORT, Ky.– Gov. Steve Beshear today announced that the U.S. Department of Agriculture has awarded $53,059,000 in loans and grants for rural infrastructure and economic development through its Rural Development programs.
“These investments in Kentucky’s rural infrastructure and economy could not come at a better time,” said Gov. Beshear. “The projects that will be possible through these loans and grants will provide and improve electric service and create jobs in the Commonwealth.”
Three awards were made through the USDA Rural Development’s Electric Program, which provides loans and guaranteed loans to electric utilities to upgrade, expand, maintain and replace rural electric infrastructure.
- Jackson Energy Cooperative Corporation has been selected for a $20 million guaranteed loan to serve 3,425 new consumers, build 152 miles of new distribution line, make improvements to 116 miles of distribution line and make other system improvements.
- Meade County Rural Electric Cooperative Corporation has been selected for an $18.5 million guaranteed loan to serve 1,425 new and existing consumers, build 60 miles of new distribution line, make improvements to 309 miles of distribution line and make other system improvements.
- Clark Energy Cooperative Inc. has been selected for a $14 million guaranteed loan to serve 2,134 new consumers, build 104 miles of new distribution line, make improvements to 54 miles of distribution line and make other system improvements.
USDA’s Rural Business Enterprise Grant (RBEG) helps to finance and facilitate the development of new and existing businesses in rural America. Through this program, Kentucky Highlands Investment Corporation (KHIC) in Laurel County was awarded a $499,000 grant to help create jobs and economic opportunity in rural areas.
With this award, KHIC will establish a revolving loan fund for small and emerging businesses located in their 14-county service area. It is anticipated that this project will create 52 new jobs, while retaining 10 existing jobs in the area.
“Congratulations to each of these businesses on their awards to help create opportunities for our rural communities,” said Gov. Beshear. “Their initiative in applying for these funds is a great service to the citizens of Kentucky.”
These projects represent four of the 98 awards announced by USDA Rural Development. For more information about the programs administered through USDA Rural Development visit www.rurdev.usda.gov.
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