kentucky tourism matching funds

Gov. Andy Beshear announces millions in funding to boost Kentucky tourism industry

FRANKFORT, Ky. (WYMT) - State leaders announced a large investment this week that they hope will boost the state’s tourism industry and economy following a decline brought on by the COVID-19 pandemic.

On Monday, Gov. Andy Beshear and Tourism, Arts and Heritage Cabinet Secretary Mike Berry announced Kentucky will allocate $75 million from the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program of the American Rescue Plan Act (ARPA) to the fund.

The money was approved by the General Assembly during the 2022 legislative session.

The funding is divided into four pools and will be distributed to eligible tourism and destination marketing organizations that apply and show the impact COVID had on their group.

• Pool one: $15 million will be used for statewide tourism marketing efforts.
• Pool two: $25 million will be used in a grant program for tourism commissions to market their communities.
• Pool three: $25 million will be used to attract meetings and conventions.
• Pool four: $10 million will be used for multicounty collaborative destination marketing.

For more information about application deadlines and funding opportunities, please visit kentuckytourism.com/industry .

Copyright 2022 WYMT. All rights reserved.

Kentucky Men’s Basketball adds veteran leader to coaching staff

Murder suspect arrested in Corbin

Pope reportedly reels in massive transfer in former San Diego State star

Coroner identified woman killed in house fire

Nearly $800 million in unclaimed assets in Kentucky

Latest news.

Hundreds race to spread awareness of Parkinson’s Disease

SOAR hosts second annual Gala

Clay County farmers win Invest 606 contest

Middlesboro PD conducts death investigation

• Accessibility

Commercialization

• Incubators and Accelerators
• State Investment Funds
• Angel and Fund Credits
• Investor Information

Programs and Incentives

• Student Entrepreneurs
• Contact Us Directly
• Entrepreneur Information
• Investment and Matching Funds
• Why Kentucky

High-Tech Startup Funding and Investment

Kentucky provides a number of programs that offer investment and matching funds for high-tech startups.

SBIR-STTR Matching Funds Program

Commonwealth seed capital, llc, kentucky enterprise fund, ky innovation hubs.

Kentucky has a strong statewide network of Innovation Hubs that support any entrepreneurs or startup at every stage of the business lifecycle

Kentucky Commercialization Ventures

Kentucky’s is the first program in America to join the strengths of every one of the state’s public higher education institutions to advance commercialization statewide.

Kentucky Network for Innovation & Commercialization (KYNETIC)

The KYNETIC grant program funds the commercialization of technologies with potential to benefit human health in Kentucky and around the world. Teams of faculty, staff and students at all of Kentucky’s public universities and colleges whose innovations address an unmet health need are eligible to compete for up to $200,000 to address unmet health needs and have commercialization potential.

KY Established Program to Stimulate Competitive Research (ESPCoR)

The purpose of the federal EPSCoR program is to help states become competitive for federal research dollars by building research infrastructure, which included faculty, students and facilities. The Cabinet for Economic Development and KY Innovation provide the required match for KY EPSCoR, which currently has active grants with both the National Science Foundation (NSF) and NASA EPSCoR programs.

Small Business Programs

The Cabinet for Economic Development has a variety of successful tools that match entrepreneurs with the funding they need – whether that is access to investors, small business loans or tax credits. Outlined below are some of those tools.

Kentucky Small Business Tax Credit

If your small business has hired at least one new full-time position and invested in qualifying equipment, you could be eligible for a tax credit.

Kentucky Small Business Credit Initiative

This federally funded lending support program helps lenders finance creditworthy small businesses that would typically fall just outside of their normal lending guidelines.

Small Business Loans

Small business engaged in manufacturing, agribusiness, or service and technology may be eligible for loans to acquire land and buildings, purchase and install equipment, or for working capital.

KY Innovation offers tax credits that benefit investors that receive the incentives and startups at critical stages of fundraising and growth.

Angel Investment Tax Credit

The Kentucky Angel Investment Tax Credit offers credits of up to 40 percent of an investment in Kentucky small businesses.

Kentucky Investment Fund Act

The Kentucky Investment Fund Act offers a 40 percent tax credit to certain personal and corporate investors in approved investment funds.

Kentucky Selling Farmer Tax Credit

If you are a small farmer selling eligible agricultural assets to a beginning farmer, you may qualify for a tax credit.

EB-5 Immigrant Investor

EB-5 is an opportunity for immigrants to invest in the United States in exchange for green card eligibility for themselves and qualifying family members.

Other Business Incentives

Kentucky's pro-business climate provides a number of incentives for businesses. The Kentucky Economic Development Finance Authority (KEDFA), established within the Cabinet for Economic Development to encourage economic development, business expansion, and job creation, provides financial support through an array of financial assistance and tax credit programs.

New and Expanding Industry

Kentucky business investment (kbi) program.

Provides income tax credits and wage assessments to new and existing agribusinesses, headquarters operations, manufacturing companies, coal severing and processing companies, hospital operations,  alternative fuel, gasification, energy-efficient alternative fuels, renewable energy production companies, carbon dioxide transmission pipelines and non-retail service or technology related companies that locate or expand operations in Kentucky. Projects locating in certain counties may qualify for enhanced incentives. Click here to view a map of the enhanced incentive counties.

Kentucky Enterprise Initiative Act (KEIA)

For new or expanded companies engaged in manufacturing, non-retail service or technology activities, agribusiness, headquarters operations, coal severing and processing, hospital operations, alternative fuel, gasification, energy-efficient alternative fuels, renewable energy production companies, carbon dioxide transmission pipelines, or tourism attraction projects in Kentucky. KEIA provides a refund of Kentucky sales and use tax paid by approved companies for building and construction materials permanently incorporated as an improvement to real property. It is also available for Kentucky sales and use tax refunds for eligible equipment used for research and development, data processing equipment or flight simulation equipment.

Direct Loan Program (KEDFA)

KEDFA encourages economic development business expansion and job creation by providing business loans to supplement other financing. The Direct Loan Program provides loans at below-market interest rates (subject to the availability of state revolving loan funds) for fixed asset financing for agribusiness, tourism, industrial ventures, or the service industry. Retail projects are not eligible.

Industrial Revenue Bonds - IRB

IRBs issued by state and local governments in Kentucky can be used to finance manufacturing projects and their warehousing areas, major transportation and communication facilities, most health care facilities, and mineral extraction and processing projects. Click here for the IRB Procedures.

Community Development Block Grants Loans - CDB

Federally funded low interest loans made available through the Department for Local Government.

Cryptocurrency Projects

Resources and programs applicable to cryptocurrency mining and related projects.

Job Retention

Kentucky reinvestment act (kra).

Provides tax credits to existing Kentucky companies engaged in manufacturing, agribusiness, non-retail service or technology activities, headquarters operations, hospital operations, coal severing and processing, alternative fuel, gasification, energy-efficient alternative fuels, renewable energy, or carbon dioxide transmission pipelines on a permanent basis for a reasonable period of time that will be investing in eligible equipment and related costs of at least $2,500,000 for owned facilities and $1,000,000 for leased facilities (excluding rent).

Workforce Training

Bluegrass state skills corporation skills training investment credit.

Provides credit against Kentucky income tax to existing businesses that sponsor occupational or skills upgrade training programs for the benefit of their employees.

Bluegrass State Skills Corporation Grant Reimbursement Program

Provides matching grant funds for customized business and industry-specific training programs.

Tax Increment Financing (TIF)

• Real Property Ad Valorem Tax Revenues
• Signature Projects
• Mixed-Use Redevelopment in Blighted Urban Areas

Agri-business Opportunities

Kentucky agricultural development fund.

The Kentucky Agricultural Development Fund provides incentives for innovative proposals that increase net farm income, stimulates markets for Kentucky agricultural products, creates new ways to add value to Kentucky agricultural products, and explores new opportunities for Kentucky farmers. For more information visit the Governor’s Office of Agricultural Policy’s website, agpolicy.ky.gov or call (502) 564-4627.

Kentucky Agricultural Finance Corporation

The Kentucky Agricultural Finance Corporation provides capital access for agricultural diversification and infrastructure projects. Participating Loan Programs Include: Agricultural Infrastructure, Beginning Farmer, Diversification through Entrepreneurship in Agri-business and Large Animal Veterinary Programs. Direct Loan Programs include the Agricultural Process Loan Program and the Coordinated Value-Added Assistance Loan Program. For more information visit the Governor’s Office of Agricultural Policy’s KAFC website, kafc.ky.gov or contact Bill McCloskey at (502) 564-4627.

Kentucky Selling Farmer Tax Credit (KSFTC)

The purpose of the Kentucky Selling Farmer Tax Credit program is to encourage the continued use of agricultural land for farming purposes by granting tax credits to selling farmers who agree to sell agricultural land and assets to beginning farmers. Selling farmers who complete an eligible sale may qualify for a tax credit up to 5% of the purchase price of qualifying agricultural assets, subject to caps of $25,000 per calendar year and $100,000 lifetime.

Tourism Development

The following tourism-related incentives are administered through the Kentucky Tourism, Arts and Heritage Cabinet.

Tourism Development Act

The Tourism Development Act provides developers of approved new or expanding tourism projects the ability to recover up to 25 percent of the project’s development costs over a 10-year term. Projects including, but not limited to, lodging facilities constructed on state park, federal park or national forest lands are eligible to recover up to 50 percent of the development costs over a 20-year term.

Kentucky Film Incentive

The Kentucky Film Incentive is designed to encourage the development of the film industry in Kentucky. The incentive provides qualifying applicants the ability to recover up a portion of qualified expenditures through a refundable income tax credit. Click on the link for specific details.

Expanding Your Market

Diversifying your customer base is an important component to growing a small business. Exporting and securing contracts with government agencies are two ways to expand your customer base and generate new business. We can help with both.

The Cabinet, through its involvement in the Kentucky Export Initative, offers support for small businesses exploring exporting, including the federal STEP Grant. We can assist with educational efforts, trade missions and grants that will make the process easier.

Kentucky APEX Accelerator

The Kentucky APEX Accelerators offers free procurement assistance via counseling, valuable resources, and connections to help companies sell their products and services to the appropriate government agencies.

Connect with KY Innovation

Kentucky is home to a deeply connected network of resources. Find out what our statewide entrepreneurial ecosystem has to offer.

Contact Us 300 West Broadway Frankfort, KY 40601 (502)564-7670 [email protected] About Team KY Innovation Brand Guide

Connect Entrepreneurs Investors

Events News