Published: October 08, 2008 12:20 pm            

New locomotive added to BSF Scenic Railway

SKED helps tourist attraction to expand

STEARNS — Tourists travel from across the nation and around the world to ride on the Big South Fork Scenic Railway (BSFSR) in Stearns. Its

trains carry some 30,000 passengers annually along the 16-mile trek through the Daniel Boone National Forest, bringing hundreds of thousands of tourism dollars into the region and employing 20 local residents.

Its success has been instrumental in building McCreary County’s tourism industry over the past 20 years.

The BSFSR is expanding and recently added a new locomotive to its fleet, thanks to a partnership with Southeast Kentucky Economic Development Corporation (SKED).

The McCreary County Heritage Foundation is a nonprofit corporation formed to preserve and interpret the county’s rich history. BSFSR is one of

its entities. SKED is a nonprofit organization formed to promote economic development and enhance job creation in 42 counties in Southeast Kentucky including McCreary. Direct lending is one facet of its mission.

When increased visitation created the need to expand its services by adding a new diesel locomotive to its fleet, owners and management turned to SKED and its ability to provide fixed-rate financing for equipment and working capital.

The result is the recent purchase of an EMD-SW9, 120-ton diesel locomotive and the creation of two new positions at BSFSR, along with the 20 full and part-time positions retained.

“The need arose to upgrade and expand our existing fleet of diesel locomotives, so we turned to SKED for financial assistance,” said William Coffey, BSFSR executive director. “Big South Fork Scenic Railway greatly appreciates SKED for fulfilling our financial need in this important acquisition.”

Funding for the project was possible by a partnership between SKED and the U.S. Department of Agriculture Rural Development. The Empowerment Zone/Enterprise Community Intermediary Relending Program (EZ-IRP) was established 2001 when the fund was capitalized

with a $1 million award from the transfer of the McCreary County Industrial Development Corporation IRP fund to SKED. The EZ-EC IRP fund serves the Kentucky Highlands Empowerment Zone counties of Jackson, Clinton and a portion of Wayne County. The Fund also serves McCreary County under its Enterprise Community designation.

Other McCreary County projects funded through this loan fund include: McCreary Professional Corporation, Mountain View Development, Outdoor Venture Corporation and McCreary County Hardwoods.

“The revenue created by the McCreary County Heritage Foundation and Big South Fork Scenic Railway is pivotal to McCreary County’s economy,” said SKED Executive Director Greg Jones. “Playing a small role in seeing its continued success and economic contribution is fulfilling

SKED’s mission. It’s a project we are pleased to fund and support.”

For more information about The McCreary County Heritage Foundation and BSFSR, visit www.bsfsry.com.

SKED was formed by Congressman Hal Rogers in 1986 to create jobs in a 42-county service area in Southern and Eastern Kentucky. It accomplishes this mission by recruiting new businesses, making direct loans, offering small business technical assistance and providing

community/economic development services to local communities.

For more information about SKED’s direct loans, visit: www.southeastkentucky.com and click on Financial Assistance or phone Michael Bush at (606) 677-6046 or e-mail him at mbush@centertech.com.

        

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