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UK Receives CARES Act Funding to Support Economic Recovery

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July 22, 2020


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.

The University of Kentucky is increasingly the first choice for students, faculty and staff to pursue their passions and their professional goals. In the last two years, Forbes has named UK among the best employers for diversity, and INSIGHT into Diversity recognized us as a Diversity Champion three years running. UK is ranked among the top 30 campuses in the nation for LGBTQ* inclusion and safety. UK has been judged a “Great College to Work for" two years in a row, and UK is among only 22 universities in the country on Forbes' list of "America's Best Employers."  We are ranked among the top 10 percent of public institutions for research expenditures — a tangible symbol of our breadth and depth as a university focused on discovery that changes lives and communities. And our patients know and appreciate the fact that UK HealthCare has been named the state’s top hospital for four straight years. Accolades and honors are great. But they are more important for what they represent: the idea that creating a community of belonging and commitment to excellence is how we honor our mission to be not simply the University of Kentucky, but the University for Kentucky.

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