ASHLAND, Ky. — The city of Ashland is aggressively exploring new ways to grow jobs in the city.
One particular measure being discussed is a modest economic development loan program for businesses committed to creating new jobs in the city. The city Board of Commissioners has tentatively set aside $200,000 for such an endeavor. The city is still working out all the details, but Ashland Community and Economic Development Director Chris Pullem said initial discussions focus on offering loans to businesses that create new jobs in the city.
At a May 10 Board of Commissioners meeting the commission passed the first reading of the following measure:
"An ordinance of the city of Ashland, Kentucky, amending ordinance No. 4, series of 2014, which created, adopted and approved an economic development incentives program in order to strengthen and expand the city's economic base; established the eligibility criteria regarding applications; provided for a committee to review applications; set the application and review procedure; and identified the events of default while providing remedies thereof; hereby creating an economic development incentive program."
"This would be for a business located in Ashland proper" or possibly a new business, Pullem said, adding the city Board of Commissioners, mayor and management are aggressively looking at creating new jobs.
"We are looking for businesses that ideally are existing businesses that are good and need a little help to get to great,” Pullem said. “We will also consider startup ideas. The underwriting on that would have to be a little tougher."