Five Questions with the Small and Minority Business Branch
In this Q&A, Mark Johnson, the newly named Manager of the Small and Minority Business Branch, provides an overview of the Branch’s purpose and its services. The Small and Minority Business Branch is one of three branches within the Cabinet for Economic Development’s Small Business Services Division.
Q: Briefly, what does the Small and Minority Business Branch do?
A: The Small and Minority Business Branch provides assistance to Kentucky-based small businesses and micro-enterprises on topics such as business plan development and financing opportunities. The branch also acts as a referral source for other financial and management assistance programs and serves as a contact point for some of the state’s business loan programs, including the Linked Deposit Loan(www.thinkkentucky.com/kyedc/linkdeposit.aspx) and the Small Business Loan(www.thinkkentucky.com/kyedc/pdfs/SmallBusinessLoanProgram.pdf).
Additionally, the branch maintains the Entrepreneur Resource Navigator (ERN) (www.thinkkentucky.com/SMBD/ERN/ernMain.aspx), an online referral service to a variety of service providers across the state and is a contact point for registration assistance with the Cabinet’s Kentucky Business Finder (www.KentuckyBusinessFinder.com), an online database that allows Kentucky companies to market to one another.
Q: What types of businesses do you assist and are there any fees for your services?
A: All of our consulting services are free of charge. While we are here to help all Kentucky-based small businesses or those that intend to locate within Kentucky, we specifically want to target and assist companies that have fewer than 50 employees, or are owned by women, veterans, or minorities. We also focus on providing valuable services to companies that are located in economically challenged areas or are owned by individuals classified with disabilities.
Q: What advice would you offer to someone thinking about starting a small business?
A: Take your time. Do your research. Look at the opportunity from an objective point of view and develop a solid business plan. Seek out agencies, like ours, that can help you. Unfortunately, despite what is presented in the media, the vast majority of companies are not going to be eligible for government sponsored grants. So if at all possible, prepare early by saving some of your own money to help launch your business. The Internet also offers an endless amount of beneficial information for starting a business and developing an e-commerce enabled Web site can provide a business with a 24 hour-a-day sales outlet.
Q: What other services does your division offer?
A: The other two branches within our division are the Kentucky Procurement Assistance Program (KPAP) and the Business Information Clearinghouse (BIC). KPAP(www.thinkkentucky.com/KYEDC/proassist.aspx) assists businesses market their products and services to government buyers. BIC (www.thinkkentucky.com/kyedc/ebpermits.aspx) provides free assistance regarding business permitting and licensing issues. Clients can also obtain information on important topics such as registering a business and meeting employer obligations. The Cabinet’s Small Business Ombudsman (www.thinkkentucky.com/SMBD/SBOmbudsman.aspx) is also housed in this branch.
Q: What else would you like the general population, and particularly business owners, to know about the branch?
A: That we are here to assist them. Whether they are just thinking about starting a business or buying an existing business, or if they have an existing business and need help managing growth opportunities, we can help.
For more information about the Small and Minority Branch or any of the branches within the Small Business Services Division, please visit: www.thinkkentucky.com/KYEDC/BusStart.aspx. |
