KHIC Has Technical Guidance and Bigger Loans For Small Businesses
Thursday August 08, 2002
It’s a catch-22: You need business expertise to run a company, but that takes money. And you need money to run a company, but it’s useless without business expertise.
Now, residents in 12 Kentucky counties can have both. Kentucky Highlands Investment Corp. (KHIC) is providing loans of up to $35,000—and technical expertise—to new and expanding small businesses in Southeastern Kentucky.
“This money from the Small Business Administration’s Microloan Program is a valuable resource for small businesses,” said Ray Moncrief, executive vice president and COO of KHIC. “Coupled with business guidance from Kentucky Highlands, this can help a startup take off.”
Startup and expanding businesses in Bell, Clay, Clinton, Harlan, Jackson, Knox, Laurel, McCreary, Pulaski, Rockcastle, Wayne and Whitley counties are eligible for the money. Funding is available for working capital or to purchase inventory, supplies, furniture, fixtures, machinery and equipment. (Funds may not be used to purchase real estate.)
Moncrief said the loans have fixed interest rates and terms that cannot exceed six years.
“The SBA has awarded $112 million to small businesses,” Moncrief said. “I’m interested to see who in Kentucky makes use of these Microloans. We might have the next Kentucky Fried Chicken on our hands.”
For more information, contact KHIC at (606) 864-5175.