ASHLAND, Ky., May 8, 2023 – Kentucky Power recently awarded a $60,000 economic development grant to support the mission of One East Kentucky. The grant is funded through the Kentucky Power Economic Growth Grant (K-PEGG) program.
One East is a privately funded, regional economic development organization serving 9 counties in the “Coal Fields” region of eastern Kentucky, including Floyd, Johnson, Knott, Lawrence, Letcher, Magoffin, Martin, Perry and Pike. The K-PEGG grant is specifically slated to assist with administrative, travel, business recruitment and marketing costs; the costs of obtaining meetings with potential new employers; and the cost of attending economic development conferences.
The organization’s goals for the grant are focused on economic growth and job creation. Over the next three years, One East endeavors to create 1,500 new jobs by targeting more than 250 companies for economic development purposes in the 9-county region. The organization also plans to complete other project requests from the Kentucky Cabinet for Economic Development as well as Site Location Consultants.
“There are many aspects of economic development requiring support that are all relevant to the success of an organization’s goals,” said Bob Shurtleff, Kentucky Power external affairs manager. “We support One East because we believe in their mission, methods and their proactive approach for bringing businesses to eastern Kentucky, which will create jobs and improve the livelihoods of all eastern Kentuckians.”
The KPEGG program assists in the funding of economic development programs that promote the creation and retention of manufacturing and/or industrial investment and jobs. The program is a partnership between Kentucky Power and its customers. Commercial and industrial customers contribute $1 monthly; and company stockholders match the customer contributions to generate nearly $800,000 annually for investment at the local and regional levels. The program is available in all 20 counties served by Kentucky Power.
Grant applications are reviewed by a committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet. More information is available at kentuckypower.com/development.