Governor's Office for Local Development
Franklin Co. Receives Funds for Microenterprise Training
FRANKFORT, KY (May 30, 2008) – Gov. Steve Beshear, in conjunction with the Governor’s Office for Local Development (GOLD), has awarded a $100,000 Community Development Block Grant (CDBG) to Frankfort and Franklin County to establish a regional microenterprise training program to educate and assist existing and potential small business owners with five employees or less.
Through collaborative efforts among Franklin County Fiscal Court, the city of Frankfort and the U.S. Small Business Administration (SBA), residents within a six county region (Franklin, Anderson, Henry, Owen, Shelby and Woodford) will have access to a comprehensive microenterprise development program.
The proposed project will focus on clients who have incomes at or below 80% of area median income. The program will provide beginning, intermediate and advanced levels of training and technical assistance in areas such as business development, job development and housing development.
Franklin County intends on contracting with a qualified SBA lender to offer different levels of business financing to program participants with loans ranging from $500 to $35,000.
Kentucky’s U. S. Congressional leaders’ continued support of the CDBG program has made the funding available nationally as well as within the commonwealth. The state’s CDBG program is managed by GOLD and funded through the U.S. Department of Housing and Urban Development (HUD). Approved grants are used to assist counties and cities in revitalizing neighborhoods, expanding affordable housing and economic opportunities, providing infrastructure and/or improving community facilities and services.