FRANKFORT, Ky. — Gov. Andy Beshear has approved state funding for site and building development projects in Floyd County, according to an announcement from the Office of the Governor.

The $750,000 in state funding is part of the Kentucky Product Development Initiative, which supports local communities statewide to increase investment in site and building upgrades designed to attract future job creation and economic growth. The initiative provides matching funds to help communities prepare industrial sites and commercial properties for business recruitment.

In Floyd County, the funding supports critical site development efforts aimed at positioning the county to compete for new industrial projects. The state has approved nearly $13 million in funding across 11 counties as part of the broader initiative, which addresses due diligence studies, infrastructure improvements and site preparation work.

"The commonwealth has long been in the lead on investing in site and building development initiatives, laying the groundwork for continued economic momentum and future job opportunities," Beshear said in previous statements about the program. "Our speed-to-market efforts are one of many reasons businesses continue to choose this great state to locate, expand and invest."

The Kentucky Product Development Initiative was created with $100 million in funding approved by the Kentucky General Assembly and Gov. Beshear during the 2022 legislative session. The program has already demonstrated success, with companies announcing economic development projects at 10 locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.