Russell Springs, Ky. – The Russell County Industrial Development Authority is taking advantage of Southeast Kentucky Economic Development Corporation’s (SKED) Business and Technology Building Revolving Loan Fund to construct a new industrial speculative building in the French Valley Business Park. French Valley is Russell County’s newest industrial park and is located between Jamestown and Russell Springs. The authority is building a 43,500 square-foot, industrial speculative building in the park, located just off the Cumberland Parkway.
The $1.40 million building is being funded by a $391,000 loan from the Kentucky Cabinet for Economic Development, a $500,000 low-interest loan from SKED and matching funds from the community. The IDA promises to create at least 25 new jobs in the community through the building’s sale or lease.
This building is one of two currently funded by the nonprofit economic development organization’s Business and Technology Building Revolving Loan Fund (RLF) in 2007.
SKED, in cooperation with the Economic Development Administration (EDA) and the Appalachian Regional Commission (ARC), administers the revolving loan fund for the purpose of financing the construction of industrial and flex/technology buildings.
Four other speculative buildings have been completed with SKED RLF funding in the region since 1999. Buildings have been built in Owsley, Jackson, Pulaski and Knox counties.
SKED Executive Director Greg Jones says the loan fund is one more way the organization can assist communities in its service area and is one that’s been successful in the past.
“The Business and Technology Building RLF Program enables us to partner with communities in job creating efforts,” Jones said. “This building in the French Valley Business Park gives Russell County an important resource when working to attract jobs to the region.”
Eligible applicants for the speculative building RLF include city and county governments, industrial foundations, and non-profit economic development organizations located in SKED’s 42-county service area.
To qualify for the RLF program, the building project must involve a minimum investment of $250,000. The maximum RLF loan is $900,000. RLF loans may only be used to purchase land and build industrial and flex/ tech buildings.
SKED, created by Fifth District Congressman Hal Rogers in 1986, works to create economic opportunities in a 42-county service area in southeast Kentucky. Headquartered in Somerset, Ky., The nonprofit recruits new businesses, offers direct business loans, and provides small business technical assistance and community and economic development services to communities in its service area.
For more information about SKED, contact Greg Jones at (606) 677-6100, gjones@centertech.com or visit www.southeastkentucky.com.
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