Linked Deposit Program (Kentucky)

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Last modified on February 12, 2015.

EZFeed Policy

Place Kentucky


   
Applies to States or Provinces Kentucky
Name Linked Deposit Loan Program (Kentucky)
Policy Category Financial Incentive
Policy Type Loan Program
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy
Active Policy Yes

Implementing Sector State/Province











Funding Source Kentucky Abandoned Property Cash Account















Program Administrator Kentucky Cabinet for Economic Development
Primary Website http://www.thinkkentucky.com/kyedc/linkdeposit.aspx



Last Review 2014-09-15



Summary

The Linked Deposit Program provides loan financing for small businesses of up to $100,000 for up to 7 years. The State Investment Commission invests funds from the state's Abandoned Property Cash Account at a set rate with eligible lenders. The financial institution lends the proceeds of the funds to eligible small-business borrowers at an attractive rate. To be eligible, the business must be: a for-profit entity, headquartered and maintain offices and operate facilities in Kentucky, employ fewer than 50 full-time employees, and have gross earnings of $1 million or less per year.

Eligible borrowers must meet the following criteria: - Must be established as a for-profit entity - Must be headquartered and maintain offices and operate facilities in Kentucky - Must employ fewer than 50 full-time employees, the majority of whom must be from Kentucky - Must have gross earnings of $1 million or less per year - Business principals can’t be officers or directors of eligible lending institutions



Policy Contact

Contact Name Mark Johnson
Department Kentucky Cabinet for Economic Development
Division Division of Small Business Services
Address Old Capitol Annex
Address 2 300 West Broadway
Place Frankfort, Kentucky
Zip/Postal Code 40601
Phone 800-626-2250


Email markl.johnson@ky.gov
Website http://www.thinkkentucky.com/kyedc/StaffContacts.aspx
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: Kentucky Linked Deposit Investment Loan Program
Date Effective 2012



















References