Kentucky Highlands Investment Corporation provides $450,000 loan for industrial park in Burkesville
Kentucky Highlands Investment Corporation announced a $450,000 community facilities loan to the Burkesville-Cumberland County Industrial Development Authority for the purchase of 93 acres for a business-industrial park.
“This is a great move – a big move,” Cumberland County Judge-Executive John Phelps said. “This loan will help us manage our payment well with the package Kentucky Highlands put together. We also will be able to get the land ready for a future company. It all came together very well. I’m proud of the relationship.
The land will position the community to be ready for the expansion of an existing company or recruitment of a new business.
“If we had this site ready three years ago, we already would have one of our employers expand its business,” said Elijah Wilson, a member of the industrial authority. “Speed to market is a big part of economic development today. Businesses want land that is ready to go. This also fits with our strategic plan, which embraces tourism as economic development. Part of this land could be used for another boat ramp. It brings all aspects together. To attract businesses, you need a site that is ready and a strong quality of life.”
“The loan from Kentucky Highlands made the process of securing the financing less stressful, and we appreciate working with an organization that shares our interest in improving the quality of life.”
This loan is part of the USDA’s Community Facilities loan program, known as the Uplift America Fund, which selected KHIC as one of only 26 organizations in the nation to participate. The program leverages federal resources, bank financing and private grants to target much-needed capital to persistently low-wealth areas.
Kentucky Highlands has loaned more than $23 million at low fixed rates for community facility projects that help reduce poverty as a result of the Uplift America Fund.
“This program has helped fund important community needs that previously were unmet or were in jeopardy,” said Jerry Rickett, president and CEO of KHIC. “Community investments like the industrial park will benefit the well-being of our region for generations.”