Beshear announces new program to encourage small biz growth - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Beshear announces new program to encourage small biz growth

FRANKFORT, KY (KFVS) -

On Wednesday, Kentucky Governor Steve Beshear announced a new program designed to encourage small business and economic growth in the Commonwealth.

According to a news release, VenCap Kentucky provides venture capital funding to Kentucky companies with a mature proof of concept that have a lead investor but need additional support.

“Private investment is a critical component of Kentucky's strong small business ecosystem,” said Gov. Beshear. “VenCap Kentucky gives incentive for investors to support entrepreneurs and small businesses across the Commonwealth and to invest in Kentucky's future. I look forward to seeing more small businesses and more jobs as a result of this program.”

The program uses U.S. Treasury funds to match the private investment, up to $500,000, which is likely to make the company more appealing to other potential investors.

Information on Kentucky's economic development efforts and programs is available at www.ThinkKentucky.com.

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