FRANKFORT, Ky. — Governor Andy Beshear announced that the state has approved $8 million in funding for site and building development projects across four Kentucky counties, part of the ongoing Kentucky Product Development Initiative aimed at attracting future investment and job creation.

The funding will support projects in Bell, Franklin, Knott and Pike counties, with an additional $6 million in local matching contributions bringing total investment to $14 million. The announcement highlights the state's continued commitment to preparing infrastructure and sites for companies considering relocations or expansions to Kentucky.

One major project includes site preparation and earthwork for the Flash SteelWorks site in Middlesboro, part of Bell County's broader economic development strategy. The Bell County Fiscal Court received $2 million in state funding for the $6.1 million project.

"Collaboration with local communities is paving the way for our long-term success, attracting businesses that will generate quality job opportunities for Kentuckians across the state," Beshear said.

The Kentucky Product Development Initiative, overseen by the Cabinet for Economic Development, provides funding to local communities for site and building upgrades. All projects undergo evaluation by independent site selection consultants who assess factors including workforce availability, infrastructure access and development costs before recommendations are made to the Kentucky Economic Development Finance Authority.

Round 1 of the program concluded in December 2023 with 53 projects statewide approved for $31.2 million, generating over $123 million in total investments including local contributions. To date, Round 2 has approved over $51 million in state support for 36 projects, with those projects generating over $380 million in investments when combined with local funds.

Beshear's administration has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $35 billion in investments and creating roughly 58,000 jobs since taking office. The state has positioned itself as the nation's electric vehicle battery production capital, with major projects including the BlueOval SK Battery Park and investments from Toyota, AESC and others.