Commonwealth of Kentucky
Cabinet for Economic Development

Governor Ernie Fletcher Announces New Loan Operations Center to Locate in Owensboro

Frankfort, Ky. -- Governor Ernie Fletcher and Cabinet for Economic Development Secretary Gene Strong announced today that BayRock Mortgage Corporation, a privately held subprime mortgage lender, will locate a new 25,000 square foot loan operations center in Owensboro. The project represents a $1.7 million investment and will create approximately 100 new jobs in the commonwealth.

"This is exciting news for both Owensboro and for Kentucky," said Governor Fletcher. "I know BayRock will become a valued corporate citizen in the Owensboro community and am confident the company will find a pro-business climate and dedicated workforce that will fuel growth and prosperity."

Headquartered in Alpharetta, Georgia, BayRock's Owensboro location will allow the company to expand its business operations and gain a more national presence. With a focus on the western U.S., the new operations center will facilitate business to business transactions.

"We are excited about the growth potential for BayRock through the new loan operations center that will be located in Owensboro. With BayRock's focus on providing "Rock Solid" customer service, this center will play a very important role in our expansion into the western United States. We believe our clients and the company will benefit from the operational synergies and efficiencies resulting from the Owensboro center," said Chris Holland, Vice President and spokesperson for BayRock. "BayRock is also very pleased with the way Governor Fletcher, the Cabinet for Economic Development, KEDFA and the local officials in Owensboro have worked with us in support of our expansion plans for our Western Division."

Founded in 1994, BayRock began its wholesale lending operation in 1998 with the purpose of becoming one of the Southeast's premier nonprime wholesalers. The company currently markets a wide variety of non-prime products in more than 29 states.

"We are extremely excited that BayRock has selected Owensboro-Daviess County as a place to expand their business," stated Dean Stanley, Interim President of Greater Owensboro Economic Development Corporation. "This community has a great business climate to offer BayRock and they bring to us a very important employment opportunity for our people. We welcome BayRock as a new business partner and wish them every success in growing their business in this great community."

The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved BayRock Mortgage Corporation for tax benefits up to $2 million under the Kentucky Jobs Development Act (KJDA), an incentive program aimed at increasing service- and technology-based employment in the commonwealth.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2004 totaled nearly $2.3 billion with the creation of just over 16,600 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.