By Nadia Ramlagan ,
3 hours ago
The Mountain Association has helped a local grocery store in Letcher County navigate rising utility costs by providing technical expertise, financing and grant support for energy-efficiency and solar upgrades. (Adobe Stock)
In one rural Kentucky county, local financing has helped a grocery store make energy-efficiency upgrades and install solar panels, offsetting yearly utility bills by more than $68,000.
Robin Gabbard, president of the Mountain Association, said a lack of investment in rural Appalachian communities has prevented many small-business owners from helping to change the tide in their communities. She explained rural small businesses lack access to the capital needed to diversify local economies.
"When we put that into practice, entrepreneurs are seeking smaller loans. They often have fewer financing opportunities, and additionally, most banks will not finance new businesses that are startups," Gabbard pointed out.
More than $95 million has been invested in rural Appalachian communities over the past 50 years by the Mountain Association, including support for 600 entrepreneurs.
Gabbard noted local lending can often make a difference for r...