The Commonwealth of Kentucky has launched an a initiative to provide $117 million in federal funds through the Treasury-administered SSBCI ** program. If you are a founder looking for investment capital, a venture fund investing in Kentucky startups, or a small business looking for loans and collateral support, you may be eligible to participate in these opportunities designed to increase access to capital and help Kentucky businesses thrive with "KSBCI 2.0".
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The Kentucky Growth Capital Fund makes direct investments in early to growth stage, technology-based companies in Kentucky seeking private equity funding from angel and venture capital investors for working capital, growth, and expansion.
This may be the right opportunity for you if you have a great idea AND have achieved significant progress, market validation, or customer traction with a clear growth path. The Kentucky Growth Capital Fund requires companies to find matching investments from private investors.
Funding may be available to Kentucky-based companies that meet the following criteria: *
Lenders can take advantage of a revamped program that’s providing a powerful spark to grow businesses and create jobs. KSBCI 2.0 leverages funding from private lenders to help finance creditworthy small businesses that would typically fall just outside a lender’s normal underwriting standards. The Cabinet for Economic Development offers two distinct credit enhancement programs designed to generate jobs and increase the availability of credit to small businesses by reducing the risk associated with lending.
* The Kentucky Growth Capital Fund is financed by the Commonwealth of Kentucky's Cabinet for Economic Development and KY Innovation program as part of "KSBCI 2.0" and are managed and delivered by Kentucky Science and Technology Corporation (KSTC) through its Keyhorse Capital investment initiative. KSTC's services, assistance, and activities are available to all without regard to race, color, religion, sex, marital status, disability, age, or national origin.
** The American Rescue Plan Act of 2021 included a $10 billion reauthorization of the State Small Business Credit Initiative (SSBCI), a Treasury-administered federally funded economic development program intended to increase state capacity to support small business “access to capital” programs. SSBCI provides the Kentucky Cabinet for Economic Development with at least $117 million of federal funds to administer. With substantially more capital allocated to the Commonwealth, Kentucky has directed 70% (nearly $82 million) to venture capital programs and 30% ($35 million) to small business loans and collateral support through "KSBCI 2.0" programs.
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