Kentucky Promotes New Small Business
Initiatives
The growth of small business is essential to the economic
success of the commonwealth. In the Cabinet's work to encourage business
investment and job creation, we realize that smaller companies offer great
potential for growth. Of the 71,250 business establishments in Kentucky, more
than 66,300 - or 93% - have fewer than 50 employees.
In 2005, with the support of Governor Ernie Fletcher and the
General Assembly, Senate Bill 156, sponsored by Senator Gary Tapp
(R-Waddy) launched two new initiatives to support small business. The
first of which is a Small Business Loan Program, administered by the Kentucky
Economic Development Finance Authority (KEDFA). The direct loan program was
designed to help eligible small businesses acquire funding necessary to
grow.
The program allows loans of between $15,000 and $100,000. At
least one full-time job must be created within the first year of the loan
disbursement and maintained through the life of the loan. What makes this
program unique is that loan proceeds may not only be used for acquisition,
construction and expansion, but also for working capital or any other business
expense deemed reasonable by KEDFA.
The second initiative stemming from Senate Bill 156 is the
Kentucky Business Finder www.kentuckybusinessfinder.com,
an online database developed to promote sales for and between Kentucky
businesses. The free-access website, allows users to search by type of
business, product or service line, and even by county. Already nearly 1,100
Kentucky businesses have registered for the new database, and thousands more
are expected to sign up as word continues to get out.
Any business with at least one facility operating in Kentucky
may register with the network. Companies wishing to register their facilities
in the database are asked for their company name, address, contact information,
Internet address, related web links, and other information. To aid in
searches, registering businesses may describe their product or service in
keyword form or by using the standardized six-digit industry codes established
under the North American Industry Classification System (NAICS). There is also
a section allowing the registrant to include up to 500 words of free-form text
to describe the business.
To search for a Kentucky supplier or to register your company
in the database, please visit www.kentuckybusinessfinder.com.
To learn more about the Small Business Loan Program, please visit
http://www.thinkkentucky.com/kyedc/pdfs/SmallBusinessLoanProgram.pdf.
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