Kentucky Highlands Investment Corporation celebrates 40th anniversary, creation of 10,000 jobs in Southeast Kentucky
Tuesday August 05, 2008
SOMERSET – With almost 300 leaders in the community, business and elected office, Kentucky Highlands Investment Corporation celebrates its 40th anniversary Aug. 5 at the Center for Rural Development in Somerset.
Kentucky Highlands was formed during the War on Poverty in 1968 to stimulate job creation and economic investment. Today, it is one of the largest development venture capital investors in rural America and has helped create more than 10,000 jobs in the region.
"We have been successful in maximizing public and private investment capital in an area of the country that traditional venture capitalists have neglected," said Jerry Rickett, president and CEO of Kentucky Highlands.
"But the accomplishments are more than mere numbers. For every achievement, there are many families who have achieved economic stability. For every success, a solid tax base is created for important government services. For every accomplishment, there is a region that people look to with pride and live there with hope - an enduring legacy for our children."
Speakers at the event include Congressman Hal Rogers and Rural Policy Research Institute President and CEO Brian Dabson. In addition, companies funded by KHIC have exhibits on display.
"Kentucky Highlands Investment Corporation is an important player in helping to develop new businesses and services within Eastern and Southern Kentucky," said Robert Rogow, Eastern Kentucky University's dean of the College of Business and Technology. "Its efforts have significantly improved the economic development of the region and have created new wealth and jobs in the area.
"In addition, Kentucky Highlands has partnered with others, including Eastern Kentucky University, for the benefit of the region. It is willing to make investments, both financial and personal, to ensure that Eastern and Southern Kentucky are positioned for long-term economic success in the 21st century. We in the College of Business and Technology at EKU are honored to co-sponsor the annual Excellence in Entrepreneurship Awards program with Kentucky Highlands and the Center for Rural Development in September. We wish Kentucky Highlands continued success as it enters its fifth decade of service to the citizens of Eastern and Southern Kentucky."
In the last 40 years, KHIC has:
- Helped create more than 10,000 jobs;
- Provided more than 500 businesses with more than $165 million in financing;
-
Companies
in which Kentucky Highlands has invested have:
- Produced goods and services valued at $13.5 billion;
- Paid more than $1.9 billion in salaries and wages; and
- Generated an estimated $300 million in tax revenue.
-
Obtained
one of only three rural federal Empowerment Zones in the nation, which;
- Resulted in $40 million in investments;
- Created 3,600 new jobs; and
- Reduced poverty and unemployment by more than 30-percent.
"Tonight, we're celebrating successful economic growth and stability, which is only achieved through strong partnerships with local leaders, financial institutions and government agencies," Rickett said. "But we also are mindful that we continue to face new challenges and must find new ways of bringing opportunity to our region, through efforts such as our Center for Entrepreneurial Growth and Energy Boot Camp."
Kentucky Highlands Investment Corporation, founded in 1968 to stimulate economic growth in nine counties in Southern and Eastern Kentucky, now serves 22 counties in the region and has created more than 10,000 jobs. Visit www.khic.org for additional information.
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