{"data":{"id":"us-ky/krs-154.20-180","jurisdiction":"us-ky","citation":"KRS 154.20-180","heading":"Business networks revolving loan fund -- Eligibility for assistance --","body":"Administration of fund.\n(1) Any business firm that is a member of an approved business network comprising\nindividual firms, companies, agricultural business entities, or industr ial entities that\nhave been identified as key industries and that have been targeted by the state's\neconomic development strategic plan as eligible for priority consideration for state\nassistance shall also be eligible for state assistance under the provis ions of this\nsection.\n(2) A business networks revolving loan fund shall be established and shall be\nadministered by the Kentucky Economic Development Finance Authority. The fund\nshall be maintained and credited with repayments and the fund balance shall be\navailable in perpetuity to provide loans at or below market rates at terms not to\nexceed thirty (30) years to members of approved business networks to support the\ndevelopment and production of new and expanded products and production\nfacilities, including, but not limited to, financing development and construction of\nvalue-added food and fiber production facilities, accelerating modernization of\nproduction systems, and making of new technology investments. The maximum\namount of loans made available to any member of an approved business network\nshall not exceed ten percent (10%) of the total amount of available funds.\n(3) The Kentucky Economic Development Finance Authority shall cause to be\nestablished and implemented fiscal controls and accounting procedure s sufficient to\nassure proper accounting during appropriate accounting periods for payments and\ndisbursements received and made by the fund and for fund balances at the\nbeginning and end of each accounting period.\n(4) In addition to powers and authorities otherwise granted the Kentucky Economic\nDevelopment Finance Authority, the authority may:\n(a) Make and condition loans from the fund as required by state or federal law;\n(b) Enter into any necessary or required agreement and give or make any\nnecessary or r equired assurance or certification with any person or entity to\nreceive payments or to make or to provide loans;\n(c) Guarantee or purchase insurance for obligations of the fund where the action\nwould improve credit market access or reduce interest rates;\n(d) Receive money from any public or private source to implement the purposes\nof this section;\n(e) Approve or reject applications made to it for loans from the fund, and\nestablish standards applicable thereto;\n(f) Provide for the issuance of revenue bonds a nd bond anticipation notes as\nprescribed by KRS 154.10-035 for the purposes as set forth in this section;\n(g) Promulgate administrative regulations implementing the purposes of this\nsection in accordance with KRS Chapter 13A; and\n(h) Do all things necessary and convenient to achieve the objectives and purposes\nof this section which are not otherwise prohibited by state law.\n(5) In carrying out the objectives and purposes of this section, the authority shall\nconsult with the Kentucky Department of Agricultur e regarding development of\nstandards and conditions applicable to agribusiness and agriculture related loan\napplications.\n(6) Nothing contained herein shall preclude the authority from contracting with or\nacquiring services from any state agency or institu tion regarding implementation of\nthis section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2684","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:53Z","sha256":"cc137ec0159a8ae6413d6008bbf3777d9e0a22d491618bee309fa04d45f6aaeb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-170","next":"us-ky/krs-154.20-190"},"notice":"GroundRules: Original legal text. Not legal advice."}