ASHLAND, Ky., July 15, 2021 – Ashland Alliance has received a $100,000 economic development grant from Kentucky Power for marketing and business recruitment. The grant is funded through the Kentucky Power Economic Growth Grant (KPEGG) program.
The grant will fund the development of a marketing package for the Ashland Airport’s hangar space. The hangar is the largest open hangar space in Kentucky and is a prime location for an aviation company. The grant also assists Ashland Alliance in targeted business recruitment and organizational support.
“The Ashland Alliance is proud to have Kentucky Power as a partner in economic development. These grant dollars allow this community to share with to the world the assets and people that make this area competitive in the global economy,” said Tim Gibbs, Ashland Alliance president and CEO.
The KPEGG program assists in the funding of economic development programs or projects that promote the creation and retention of manufacturing and/or industrial investment and jobs. The program is in its fifth yearly cycle and distributes an average of $750,000 a year for economic development efforts in Kentucky Power’s service territory.
The program is funded through the Kentucky Economic Development Surcharge. For every $1 collected monthly from non-residential customers, company stockholders match the customer contributions dollar for dollar. The program is available in all 20 counties served by Kentucky Power. A committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet reviews KPEGG applications. More information is posted at https://kentuckypower.com/development/.
Kentucky Power, with headquarters in Ashland, provides electric service to approximately 165,000 customers in 20 eastern Kentucky counties, including Boyd, Breathitt, Carter, Clay, Elliott, Floyd, Greenup, Johnson, Knott, Lawrence, Leslie, Letcher, Lewis, Magoffin, Martin, Morgan, Owsley, Perry, Pike and Rowan. Kentucky Power is an operating company in the AEP system, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to 5.4 million regulated customers in 11 states. AEP also owns the nation’s largest electricity transmission system. AEP’s headquarters are in Columbus, Ohio.