Community Ventures Corp. will receive more than $1 million from the U.S. Department of Agriculture for rural business expansion.
The $1,080,000 will be presented at 2 p.m. Friday at the Community Ventures Corp. headquarters in Lexington. It will be used in 16 counties, including Boyle, Casey, Lincoln and Mercer, for small and emerging private businesses seeking to expand and create employment for rural residents.
The money is comprised of $750,000 from the Intermediary Relending Program and $330,000 in Rural Business Enterprise Grant funding.
The funds are to be used for loans designed to aid businesses identified as having fewer than 50 employees and having the capacity to generate and or retain quality jobs identified in distressed rural areas.
Assuming that each investment has the potential to create an average of seven jobs, it is anticipated that the funds potentially could generate more than 180 jobs.