Running a small business in Kentucky can be challenging, especially if you’re looking to expand or start a new venture. Fortunately, there are a variety of small business grants available to help entrepreneurs take their businesses to the next level. Here are some of the top Kentucky small business grants you need to know about:
1. Kentucky Small Business Tax Credit: This credit is designed to help small businesses create jobs by offering up to $25,000 in tax credits per year. To be eligible, businesses must have less than 50 employees and be creating new jobs that pay 150 percent of the minimum wage.
2. Kentucky Rural Economic Development Loan Program: This program offers loans of up to $200,000 to businesses in rural areas of the state. The loans can be used for land acquisition, construction, equipment purchases, and other business-related expenses.
3. Kentucky Community Development Block Grant: This grant provides funding to communities for economic development projects, including infrastructure improvements, business development, and job creation. Businesses can apply for grants through their local government.
4. Kentucky Enterprise Fund: This fund provides loans and equity investments to businesses that are creating jobs in Kentucky. The fund is designed to help businesses that might not qualify for traditional bank loans.
5. Kentucky Small Business Innovation Research and Small Business Technology Transfer: These grant programs provide funding for research and development in innovation and technology. Businesses can apply for grants to help them develop new products and bring them to market.
6. Kentucky Angel Investment Tax Credit: This credit is designed to encourage investment in Kentucky-based businesses by offering tax credits to investors. The credit is equal to 50 percent of the investor’s investment, up to $50,000.
7. Kentucky Workforce Innovation Board: This board provides funding for job training programs and other workforce development initiatives. Businesses can apply for grants to help them train their employees or hire and train new workers.
In conclusion, there are many small business grants and programs available in Kentucky to help entrepreneurs start or grow their businesses. By taking advantage of these opportunities, small business owners can gain financial support and resources they need to succeed in Kentucky’s competitive business environment.
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