State receives 2nd phase of small business funding

MGN Online

FRANKFORT, Ky. (AP) - Kentucky is to receive additional funding to help small businesses that fall short of credit standards.

Gov. Steve Beshear's office announced Tuesday the state has an additional $5.1 million in a second disbursement from the U.S. Treasury Department's State Small Business Credit Initiative. The state was awarded a total of $15.4 million in July 2011 and is receiving the funding in three disbursements.

The credit initiative works with participating lenders, who can use three options to strengthen loan requests that fall just outside acceptable underwriting standards.

Economic Development Secretary Larry Hayes says the first disbursement of $4.2 million made it possible to support almost 50 small business projects in Kentucky.

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