2004 Annual Report Executive Summary
Kentucky Highlands Empowerment Zone
Quoting an October 16, 2003 NY Times article: “ The granddaddy of the community development venture fund industry is the Kentucky Highlands Investment Corporation in London, Ky., created in 1968 as a community development corporation. Community development corporations, an outgrowth of Great Society legislation in the 1960’s, were nonprofit organizations financed by the government that provided housing and social services in low-income neighborhoods. The founders of Kentucky Highlands, however, decided to move beyond those activities to introduce a fund to invest in and lend money to start-ups in eastern Kentucky.” Fortunately, the Kentucky Highlands Empowerment Zone has reaped enormous benefits through the administration of its programs under the guidance of the KHIC. The EZ organization has had phenomenal success while adhering to its original strategic plan, with continuous strategic planning input through a series of six public hearings annually. Revisions to the EZ strategic plan are incorporated annually or as needs and conditions change. The EZ Corporation has had a very positive effect on the community. A participatory process exists to support a wide range of projects and programs administered by the EZ. Area employment has increased in the three KHEZ counties by more than 1,000 over the past three years. Local businesses are receiving business and financial assistance through direct EZ development and venture capital programs designed to meet the specific needs of the region. Local and area businesses are assisted with entrepreneurial training and life long learning is encouraged.
Technological training and educational programs are designed in cooperation with University and education officials and delivered locally through learning centers which serve each county. Entrepreneurial business development training includes training to meet area day care service demands.
As a result of the foundation and planning stages begun during 1999, the KHEZ established a solid foundation, and has made significant strides in improving the quality of life for area residents. Specifically, the Foothills Academy residential facility constructed to serve troubled youth provides them with a second change: The Annville Child and Family Development Center provides accessible, affordable, and innovative child care at the Jackson County Industrial Park: residents now have access to more jobs, improved infrastructure including several expanded wastewater treatment plants; the first ever natural gas system in Jackson County: two loan programs designed to help farmers; two newly created Appalachian Credit Union branches; and numerous recreational, tourism, and health care sites.
Kentucky Highlands EZ Summary Page Kentucky Highlands EZ Funding Page