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BBDP offers rent subsidy to out-of-state businesses relocating to Lexington
LEXINGTON, Ky. (Sept. 2, 2010)—The Bluegrass Business Development Partnership (BBDP) recently announced a new initiative targeted to out-of-state companies participating in the federal Small Business Innovation Research/Small Business Technology Transfer Research (SBIR/STTR) programs. When a company relocates its business to Lexington, the BBDP will offer each new arrival a one-time rent subsidy of up to $10,000.
This initiative compliments Kentucky's SBIR/STTR matching funds program, which has been recognized as one of the most competitive matching programs in the country. The program matches Phase I federal awards up to $150,000 and Phase II awards up to $500,000 per year, for up to two years. For more information on Kentucky's program, see ThinkKentucky.com.
Lexington has recently recruited seven companies to the area, in large measure because of the low cost of doing business, highly educated workforce, strong ties to the University of Kentucky's researchers and research capacity, as well as to the state's matching program. This new rent subsidy program will further enhance the funding available to other companies that consider relocating to the Lexington area.
Companies that have located or relocated to Lexington:
- 3H Company, Hampton, VA
- Advanced Dynamics Inc., Salt Lake City, UT
- ATI Inc., Charleston, WV
- Exatherm LLC, Ann Arbor, MI
- nGimat Company, Atlanta, GA
- Orthopeutics LP, Austin, TX
- Transposagen Biopharmaceuticals Inc., Philadelphia, PA
In addition to the Kentucky's matching funds program and the local subsidy program, Lexington offers many other funding sources to help companies prosper including tax incentive programs, angel funding, and other state investment programs.
Lexington has been nationally recognized as a great place to locate a business and find employment:
- #1 best city for finding a job Forbes, 2011
- 4th best place in U.S. for business & careers Forbes, 2011
- 13th most highly educated city in U.S. – 40.2% of population 25 years or older has at least a bachelor's degree US Census Bureau, 2009 ACS
- 7th most educated city with an advanced degree – 16.6% of population over age of 25 has a master's, professional or doctorate degree US Census Bureau, 2009 ACS
- 4th least expensive location for medical device manufacturing The Boyd Company, 2011
- 2nd most educated workforce Business Facilities, 2008
- 7th best city in terms of business costs KPMG Competitive Alternatives, 2010
- 5th ranked College of Pharmacy at the University of Kentucky U.S. News & World Report
- Home of University of Kentucky's Coldstream Research Campus & Advanced Science & Technology Commercialization Center (ASTeCC)
About Bluegrass Business Development Partnership
The Bluegrass Business Development Partnership is an economic development initiative between Lexington city government, Commerce Lexington and the UK Office for Commercialization & Economic Development (UKCED). The Von Allmen Center for Entrepreneurship, the Lexington Innovation & Commercialization Center and the Kentucky Small Business Development Center, including the Bluegrass Small Business Development Center, are part of UKCED.