Community Trust Bank recently made two capital investments totaling $800,000 in the Mountain Association for Community Economic Development (MACED). The investments will assist MACED in its mission of creating economic opportunity in low-income communities in eastern Kentucky. The funds will be as loan capital to support the development of small businesses which contribute to the employment opportunities and economic vitality of the region.
MACED seeks to find innovative ways to strengthen entrepreneurial capacity and create locally owned economic opportunities. This strategy focuses on using loan capital creatively and providing technical assistance to grow entrepreneurial enterprises that contribute to low-income people’s financial assets and the development of vibrant local communities.
"These investments underscore the commitment of Community Trust Bank to community economic development lending in eastern Kentucky. Capital is a vital component to growth and progress in the region, especially in the most rural locations. This collaboration will help MACED and Community Trust Bank reach those places and people,” stated Jonathan Harrison, MACED’s Business Development Director.
In the past year, MACED has committed over $3 million in 60 loans, creating or retaining over 500 jobs. For more information on MACED and its business development program, visit www.maced.org or call 859-986-2373.