Preparing Kentucky Appalachia for Investment

CEDIK (Community and Economic Development Initiative of Kentucky) in partnership with the Foundation for Appalachian Kentucky, the Kentucky Heritage Council, and the Kentucky Small Business Development Center, propose an expanded and enhanced downtown revitalization program for Eastern Kentucky. This project builds on an existing POWER grant focused on downtown revitalization in twelve downtowns in the Kentucky Promise Zone. Project Goal: Build vibrant downtowns in Eastern Kentucky that can serve as a catalyst for starting and growing small businesses, attracting private investment, retaining and attracting families, and drawing in visitors for extended stays across the region. This proposed program meets the following POWER objectives: • Economic Diversification – This proposal, expanding on our current POWER grant, will focus on building vibrant downtowns with emphasis on retail, professional services, and surrounding export- based small businesses. • Job Creation – A vibrant downtown will have both direct and indirect job creation. Direct new jobs in retail, culinary, construction, and professional services as well as indirect job growth due to a higher quality of place and attraction of new residents into the area. POWER PRIORITY AREA: Fostering Entrepreneurial Activities • Capital Investment – In addition, this project is directly tied to the new Appalachian Impact Fund (AIF), an impact investment fund, housed at the Foundation for Appalachian Kentucky. The AIF is designed to attract private investment to revitalize downtowns in Southeast Kentucky. Investment follows investment. Vibrant downtowns will attract both private and public capital. Investment in infrastructure, transportation, buildings, and public spaces as well as investment in new business start- ups are expected. • Workforce Development – Incorporating entrepreneurial training and soft-skill development for high-school aged youth is an important workforce development tool in the Promise Zone rural communities. POWER PRIORITY AREA: Building a Competitive Workforce Downtown revitalization is a place-based strategy designed to reinvigorate economic