FRANKFORT, Ky. (May 23, 2023) – Today, the Cabinet for Economic Development and its KY Innovation team announced it will hold a Kentucky Small Business Credit Initiative 2.0. (KSBCI 2.0) Webinar on the initiative’s lending programs on June 1 at 2 p.m. ET / 1 p.m. CT.
In February, Kentucky was approved for an allocation of up to $117 million to expand access to capital for small businesses across the state through the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI).
Kentucky is using the funding, allocated in three phases over a 10-year period, to launch a suite of initiatives known as KSBCI 2.0. The funding will be allocated through lending programs and venture capital programs, with an emphasis on access for underserved business owners. A webinar addressing the venture capital programs will be scheduled at a later date.
The Cabinet and KY Innovation, its office devoted to serving small businesses and entrepreneurs, will provide important updates about the KSBCI Lending Programs. The information will be especially relevant to lending institutions interested in using the program to increase their business loan volume. Cabinet staff will be online for a Q&A following the presentation. Get your questions answered!
- Up to 20% collateral support on loans with a documented collateral shortfall
- Up to 50% collateral support on loans to disadvantaged enterprises with a documented collateral shortfall
- Collateral support on working capital and lines of credit is back
- Online lender enrollment and online project enrollment
For questions concerning KSBCI 2.0, KY Innovation or the June 1 Webinar, please email CEDSBSD@ky.gov.