UK Receives CARES Act Funding to Support Economic Recovery
LEXINGTON, Ky. (July 22, 2020) — The University of Kentucky has been awarded $300,000 from the U.S. Economic Development Administration (EDA) to support entrepreneurs during the COVID-19 pandemic.
The funding — made available by the Coronavirus Aid, Relief and Economic Security (CARES) Act — was announced by U.S. Senate Majority Leader Mitch McConnel (R-KY).
To date, UK has received more than $68 million from the CARES Act, including funding for UK HealthCare, the College of Nursing and the Center for Excellence in Rural Health.
“The CARES Act is providing needed resources to help combat the COVID-19 pandemic. This federal funding will help UK provide technical assistance to the local workforce as it leads Kentucky’s economic recovery,” McConnell said. “As the only congressional leader not from California or New York, I’m constantly looking to provide for middle America — especially Kentucky. I’m proud of the work UK is doing to help those impacted by the coronavirus crisis.”
“The Von Allmen Center for Entrepreneurship is very pleased to be selected for this award and grateful for Senator McConnell’s support,” Warren Nash, director of the Von Allmen Center for Entrepreneurship (VACE) in the Gatton College of Business and Economics, added. “We anticipate these funds will give VACE additional resources to assist entrepreneurs and small startups impacted by the COVID-19 pandemic.”
So far, the CARES Act has resulted in a $12 billion impact for Kentucky.
VACE aims to strengthen the Commonwealth’s economy by providing education, networking opportunities, resources and tools for startups and early stage businesses. More information about the center's mission can be found online.
As the state’s flagship, land-grant institution, the University of Kentucky exists to advance the Commonwealth. We do that by preparing the next generation of leaders — placing students at the heart of everything we do — and transforming the lives of Kentuckians through education, research and creative work, service and health care. We pride ourselves on being a catalyst for breakthroughs and a force for healing, a place where ingenuity unfolds. It's all made possible by our people — visionaries, disruptors and pioneers — who make up 200 academic programs, a $476.5 million research and development enterprise and a world-class medical center, all on one campus.
In 2022, UK was ranked by Forbes as one of the “Best Employers for New Grads” and named a “Diversity Champion” by INSIGHT into Diversity, a testament to our commitment to advance Kentucky and create a community of belonging for everyone. While our mission looks different in many ways than it did in 1865, the vision of service to our Commonwealth and the world remains the same. We are the University for Kentucky.