rural business help

Retail sales in the u-s.

According to the u-s commerce department... retail sales in the u-s tumbled more than 16 percent from march to april.

The report also shows retail sales over the past 12 months are down a crippling 21-point-six percent.

Clothing... electronic and furniture stores and restaurants have been hit the hardest.

In contast... online purchases grew by more than eight percent.

The covid-19 pandemic is taking a toll... on businesses throughout the state.... and will continue to even after they are allowed to reopen.

The impact is even greater on businesses in a region that was already struggling economically before the pandemic.

Abc 36's alex king has a look at a fund that's been set up to help save businesses in the southeast... and talks to one business owner who says it's given her hope.

Lora smith: what im so inspired by is just seeing the grit of these entreprenuers.

Lora smith, the director of the appalachain impact fund says when covid-19 broke out... it was obvious it was going to have a huge impact on a region that was already struggling economically.

So she says in late march... eight organizations in southeastern kentucky got together to help support their local small businesses and nonprofits... creating the southeast kentucky downtown business stimulus fund.

The fund started with $450,000 and they have raised an additional $300,000.

Smith says this stimulus fund started doing mini grants of up to $3,000.

To help these businesses keep lights on, pay bills and workers and they also provided some no- interest loans for up to $10,000.

Lora smith: weve heard on the daily that this is, in some cases, the first and only relief some of these small buisnesses have had and its literally been the difference bewteen closing and being able to hang on for another couple months.

Smith says in the first four weeks this fund has helped over 150 businesses within 23 counties in eastern kentucky.

Kristin smith owns the wrigley taproom in corbin, one of the businesses helped by the grant.

She says she appreciates how easy is was to apply for the grant.

Kristin smith: as soon as we got that phone call that we had received the grant the anxiety definitely went down but the biggest thing was that we heard from our community that were valued.

That they care about us.

Lora smith says the recovery process from the covid-19 pandemic will take a while and that's why the group is making plans to help businesses out in the long-term.

To learn more about the southeast kentucky downtown business stimulus fund, head to our website wtvq.com.

Alex king, abc 36 news.

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