One East Kentucky Helps Businesses Grow & Recruits New Ones

One East Kentucky Helps Businesses Grow & Recruits New Ones Main Photo

17 Mar 2024

After coal mines in Eastern Kentucky gradually shut their doors, nearly 30,000 Kentucky residents found themselves jobless. Residents of once-booming coal towns faced a difficult choice: transition into a new profession or leave town. One East Kentucky exists partly to repair the damage caused by widespread job loss.

To keep Eastern Kentucky’s economy thriving, the One East Kentucky board agreed that acting swiftly is crucial. Creating jobs and keeping residents local requires a devoted team, and thankfully, One East Kentucky has just that. The One East Kentucky team is helping to build a more resilient local economy by supporting existing industry and recruiting new industries to invest in the region.

Recruiting New Investment

Currently, the One East Kentucky region has more than 7,500 available skilled workers. Whether impacted by coal mine closures or other unforeseen challenges, this group of nearly eight thousand people needs support to find work.

One East Kentucky has responded to this challenge by implementing a robust strategy for recruiting new industries to the region. Increased private investment is critical to the future success of the local economy in Eastern Kentucky. New industry brings money from outside the region and circulates it in our local economy. Property tax revenues increase with the construction of new facilities, and well-paid employees have more discretionary income to support retailers, restaurants, and local businesses. When the economy is booming, those same local businesses can expand.

One noteworthy investment in the region is Dajcor Aluminum, which has found great success expanding their aluminum manufacturing operations into Eastern Kentucky. Dajcor’s owners knew they needed to select an area ripe with hardworking, available, and skilled workers. The location was crucial, too, as they needed to be within a 500-mile radius of several major cities. They selected Perry County, where they opened their first U.S. branch of the business and plan to create 265 full-time jobs. Right now, they’ve created more than 100 new jobs and counting.

Attracting additional investment, like the Dajcor Aluminum project to Eastern Kentucky is critical for creating local jobs. When it comes to supporting existing businesses, One East Kentucky helps identify growth opportunities, like incentive programs and low-interest loan opportunities.

Supporting Small Business Growth

One East Kentucky encourages local businesses to apply for The Kentucky Small Business Tax Credit Program (KSBTC). Small businesses will receive anywhere from $3,500 to $25,000, depending on what they’ve done in the last year. Hiring a new employee (or five!) makes businesses eligible, as well as investing $5,000 or more in new equipment. More than $14 million has already been awarded to local businesses, and the program has created 4,229 new jobs. To check your eligibility, apply here!

One East Kentucky exists to develop the local economy into a thriving, abundant place for people to live and work. No one should be forced to relocate to find available work. That’s why One East Kentucky has committed extensive resources to creating jobs and the longevity of local businesses. If you’re an investor who wants to support our rapidly growing region, you can learn more here. For existing businesses that want more information or need help finding workers, you can reach us here. Your success is our success.