Big Sandy Area Development District Receives $500K for Small Business Development Through FIRE Program

Prestonsburg, KY, October 16, 2024 — The Big Sandy Area Development District (BSADD) is excited to announce the receipt of $400,000 from the Appalachian Regional Commission (ARC) and $100,000 from Kentucky Power through the Kentucky Power Economic Growth Grant (KPEGG) to launch the FIRE (Fueling Innovation, Revitalization, and Entrepreneurship) program. This $500,000 initiative is the first step in a comprehensive strategy to promote small business growth and economic revitalization across Johnson, Floyd, Magoffin, Martin, and Pike counties.

The FIRE program will utilize advanced technology and artificial intelligence to revitalize vacant storefronts and strengthen existing small businesses, invigorating downtown areas. With real-time business location intelligence and data-driven matching services, FIRE aims to boost a region that currently has a 4.4% small business-to-population ratio, compared to the national average of 10%.

A Comprehensive Approach to Small Business Development

FIRE is designed to be a long-term solution for entrepreneurial growth in Appalachia’s coal-impacted communities. Funding will support:

• Advanced Data Tools: Providing entrepreneurs with insights on foot traffic, demographics, and consumer behavior to help reduce risks in uncertain markets.
• Hands-On Support: A Business Development Specialist will offer personalized guidance through meetings, workshops, and networking opportunities to help entrepreneurs succeed.

Boosting Economic Growth: FIRE is just the beginning of a larger effort to drive the region’s economic development. The program will attract new businesses, revitalize properties, and support entrepreneurs, creating jobs, stimulating investment, and fueling long-term economic growth.

About the ARC POWER Initiative: The ARC’s POWER Initiative awarded $68.2 million to 65 projects this year, focusing on economic diversification in coal-impacted communities. The initiative supports job creation, workforce training, and industry development to help Appalachia transition to a more prosperous future.

For more information about the FIRE program, contact Blake Moss, Public Administration Specialist at the Big Sandy Area Development District at Blake.Moss@Bigsandy.org.