Kentucky Highlands Investment Corporation announced Monday that Goldman Sachs and the Goldman Sachs Foundation have pledged $5.5 million to assist with loans to small businesses in the state.
Of the total, $5 million will go directly into Kentucky Highlands' loan fund and be available to small businesses in low- and moderate-income areas in the state, according to a news release. Another $250,000 will be used as a loss reserve grant, and the remainder will be used to help KHIC grow and promote the opportunities.
"With these funds, we now have the opportunity to do more for small businesses, which are major job creators in the state," Kentucky Highlands CEO Jerry Rickett said in a statement.
The move by Goldman Sachs is part of its 10,000 Small Businesses initiative through which it aims to use $500 million in funding to help 10,000 small businesses receive loans to grow.
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To learn more, contact Kentucky Highlands at (606) 864-5175.