U.S. Department of Commerce Invests to Establish Kitchen Incubator and Business Accelerator in Millersburg, Kentucky
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $986,000 grant to Community Ventures Corporation to convert the first floor of McIntyre/Rankin Hall located on the former Millersburg Military Institute property into a full-service kitchen incubator and business accelerator. The grant, to be matched with $766,615 in local investment, is expected to create or retain 60 jobs and generate $1 million in private investment.
“The Trump Administration is working tirelessly to champion the small businesses and entrepreneurs who help drive our country’s economy forward,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This new food-based business incubator and accelerator will give entrepreneurs the opportunity to start or expand their business to spur new job creation in Millersburg and beyond.”
This project will help establish a facility that will provide training, technical assistance, and mentoring services to entrepreneurs throughout a seven-county region of Kentucky that has been severely impacted by the loss of coal-related jobs. This project was made possible by the regional planning efforts led by the Bluegrass Area Development District. EDA funds Bluegrass Area Development District to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded under the Assistance to Coal Communities (ACC) program, through which EDA will award funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.