Local/Regional News
4:45 pm
Tue December 17, 2013

Beam Initiative Gets Financial Boost

The regional advanced manufacturing initiative between Louisville and Lexington received a financial boost on Tuesday.

The JP Morgan Chase Foundation is giving $200,000 to create the BEAM -Kentucky Export Promotion Program.

Lexington Mayor Jim Gray says the funds will be used to provide grants to small businesses with a goal of increasing exports and creating a substantial economic impact.

"We are at 18 today so that means by dialing up by 50% would dial us up another nine points.  That's an ambitious goal but it is an achievable goal," Gray said.

Export initiative Program Director Hailey Stevens said companies that meet application deadlines can now apply.

"Eligibility is companies with $40 M of revenue or less, particularly we focused on small businesses There is eligibility for companies with $80 M of revenue with 10 percent or less of their total revenue coming from international export sales and there's also a requirement to have at least two employees, and to have been in business for at least a year."

The newly launched BEAM program will offer grants of up to $4500 for the purpose of connecting small businesses to export and business development resources.