| Secretary
John Hindman |
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| CONTACT INFORMATION |
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Kentucky
Cabinet for Economic Development
Old Capitol
Annex
300 West
Broadway
Frankfort,
KY 40601
502-564-7670
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Welcome
to the Cabinet for Economic Development's e-newsletter Building
on Success! We hope that you will find the articles and
resources provided
in this issue informative and beneficial. The Cabinet values your
feedback. We welcome your comments and suggestions regarding this
newsletter by emailing Mandy.Lambert@ky.gov.
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 New
Web site Combines Kentucky's Education, Employment, Economic
Development Information
For
the first time, Internet users can search Kentucky's
education, employment and economic development information and
resources from the convenience of their home or office at one
easy-to-use site. Now in its second phase, www.e3.ky.gov
recently unveiled a menu of new services that can benefit all
Kentuckians.
By
combining the state's education, employment and economic
development information into one interactive site, e3.ky.gov
puts users of this frequently requested data in the driver's
seat. The e3.ky.gov site offers a broad array of government
resources including a new employer self-service job portal,
labor market information, GED and postsecondary education
information.
"This
resource brings together valuable information about education,
employment and economic development," said Kentucky Education
Cabinet Secretary Laura E. Owens. "Students, job seekers,
economic developers, employers, labor market analysts and
others may find what they need - all at their
fingertips."
Kentucky
Economic Development Cabinet Secretary John Hindman said,
"This innovative and resourceful new site is a perfect example
of how economic development and education partners can
collaborate to achieve a common goal. I commend all those who
worked so hard to implement the e3.ky.gov site. I am confident
it will prove to be an effective tool for all
Kentuckians."
The
site offers a new, no-fee job-post service where employers can
post and match their jobs with qualified seekers. Employers
can search Kentucky's largest database (Employ Kentucky
Operating System or EKOS) of job seekers, view and collect
identity-protected resumes, and connect with prospective
candidates through confidential e-mail or interactive voice
response messages without staff assistance. Employers can
search resumes geographically in areas ranging from zip code
to statewide from the convenience of their
desktop.
Job
seekers can post resumes free-of-charge, view job openings,
and research companies and communities before an
interview.
The
e3.ky.gov resume process ensures confidentiality and protects
job seekers from growing concerns of employment scams and
identity theft. Job seekers also are assured that employer
contacts received from e3.ky.gov will be for legitimate job
posts.
The
site requires employers to register using their Federal
Employer Identification Numbers (FEINs). This one-time
registration takes less than five minutes and state workforce
professionals approve in-state registrations within 24 hours.
Also
showcased on e3.ky.gov is data for General Educational
Development (GED) diplomas, Kentucky Employability
Certificates, Kentucky Manufacturing Skill Standards, and all
degrees issued by Kentucky's postsecondary
education institutions. In addition, users can find
detailed descriptions of curricula, certifications and degrees
at postsecondary education institutions and links to colleges
and universities.
Sarah
Hindman Hawker, Kentucky Adult Education vice president, said,
"The education section provides a wide selection of searchable
workforce and educational data, which are valuable for
researchers, program planners, economic developers and high
school counselors interested in Kentucky's education and
economic landscape.
One
of the strengths of e3.ky.gov is that data can be compared on
a local, regional or state level and presented with graphs
chosen by the user. The site is frequently updated so that the
information is current and it is continually
growing.
As
an economic development tool, e3.ky.gov allows an employer to
profile a community's workforce. The site has resources for
facilities, tax incentives and business licensing with links
to the Kentucky Economic Development Cabinet, Bluegrass State
Skills Corporation and the Secretary of State's Business
Services initiative.
The
site provides labor market data from the U.S. Census Bureau
and information on Kentucky payrolls, earnings, turnover
rates, new hires and other indicators by geographic areas. In
addition, the county-to-county commuting patterns of workers
are included.
The
e3.ky.gov site is co-sponsored by Kentucky Adult Education and
the Office of Employment and Training. It was developed by the
Kentucky Education Cabinet's Division of Technology Services.
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 Kentucky's
Business Climate Ranked 8th Best in Nation by Site Selection
Magazine
Kentucky
is once again receiving national acclaim as a great place for
business. In its
November issue, Site Selection magazine has ranked
Kentucky eighth in the nation in its 2007 Annual Business
Climate Rankings.
It is the third consecutive year in which Site Selection, an
international publication devoted to economic development, has
placed Kentucky
in its top 10.
"Kentucky
is honored to be ranked among the nation's leading states for
its pro-business atmosphere," said Governor Ernie
Fletcher. "My
administration has worked diligently to cultivate a business
climate conducive to creating opportunities for all
Kentuckians. The national recognition by Site Selection magazine is
a positive indicator of the success we are
achieving."
The
business climate ranking is the latest in a series of economic
development awards for Kentucky. Kentucky's
workforce training programs are ranked fifth in the
nation by Expansion Management magazine, and Kentucky
placed sixth in Site Selection's Annual Competitiveness Award.
"In
addition to its strong performance in the overall business
climate ranking, Kentucky
also placed in the top 10 states according to the survey of
corporate executives that makes up half the overall ranking,"
said Mark Arend, editor in chief of Site Selection. "This
means that Kentucky's
business climate is robust by both objective and subjective
measures."
The
business climate ranking reflects a combination of performance
factors related to business expansion, including Kentucky's
ranking in 2006, its ranking over a three-year period, rank
per million population and rank per 1,000 square miles.
In
addition to expansion activity, equal weight is given to a
state's overall rank based on the results of a survey of
corporate real estate executives, in which they were asked to
rank their top ten states according to ease of doing business,
overall business costs and related factors. Kentucky
placed tenth in the Executive Survey.
To
view the full report on Site Selection's
Annual Business Climate Rankings, visit www.siteselection.com.
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Bringing
Business to Your Community
The Cabinet for Economic
Development completed a series of workshops this summer to enlighten
community representatives on the resources available within the Cabinet.
The workshops provided an overview of the various departments and programs
within the Cabinet and provided useful insight into proper methods of promoting
economic development within the commonwealth.
The one-day seminars were completed over a three-week period and took place at
Jenny Wiley State Park in Prestonsburg, My Old Kentucky Home in Bardstown, and
Kentucky Dam Village in Gilbertsville. Over 100 individuals from across
the state attended the seminars and over 30 Cabinet representatives
participated; providing a significant networking opportunity for everyone
involved.
The overall response from the audience was outstanding. In comments
received from the attendees, the workshops were recognized as a very valuable
training resource and a convenient mechanism for networking with a variety of
Cabinet staff. Representatives of the Cabinet were very impressed by the
attendance and overall reaction to the seminars as well. In addition to
providing an opportunity to outline the Cabinet as a whole, each division had
the opportunity to cover specific issues related to their specific areas of
interest.
The
Department for New Business
Development was able to provide insight on keys to working with new business prospects.
Existing Business Development
was able to raise awareness on some of its business expansion resources such as
international trade and small business services. The
Department for
Commercialization and Innovation
highlighted some of the new incentive programs that are being utilized to
expand on its 5 focus areas of development. Finally, the
Site Evaluation and General Research
Branch
was able to educate community representatives on the appropriate way to market
available sites and buildings through the Cabinet's Web site.
Overall, the event was very beneficial to the Cabinet, as it provided an
opportunity to network with local and regional partners across the state.
"We will continue to use the feedback we received from these workshops to
evaluate the need and desire for additional seminars to help us improve our
work on the state, regional, and local level," said Economic Development
Cabinet Secretary John Hindman. "We appreciate the comments
provided and invite everyone to send us additional questions or comments that
will help us accomplish our common goal of increasing business activity in
Kentucky."
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Shelbyville Chapter of Business and
Professional Women Names Cabinet Representative "Woman of the
Year"
One of our own was recently recognized for her
professional achievements in community leadership. Ann
Haley Morris, a development specialist for the Cabinet for Economic
Development, topped a group of local business professionals when she was named
"Woman of the Year" by the Shelbyville Chapter of Business and Professional
Women (BPW). The announcement was
made last month at Persimmon Ridge Golf Club in Shelbyville.
BPW aims to promote and elevate business standards for professional women and improve cooperation within the industry.
Morris has been
employed by the Cabinet since 1989 as a development specialist
in the Department for Existing Business Development. There, she works to
help grow and retain community industry in a seven county area
in Central
Kentucky.
As a volunteer,
she is a sustainer in the Junior League of Louisville and is
active in the Woman's Club of Louisville, as well as being
involved with the Shelby County Industrial and Development
Foundation Board as its first female director and stock
holder. She was
in the Leadership Louisville Class of '90 and the Leadership
Shelby Class of '99.
Ann is a graduate
of Bourbon
County
High
School. She was initiated into
the Chi Omega
Sorority at the University of Kentucky, graduated from
Morehead State in 1965 and received her Masters Degree from
Murray State in 1970.
BPW President
Mary Jo Newton said, "Ms. Morris was selected by an
independent panel of business professionals and represents the
top-level of Shelby
County's business
leaders."
Ann and her
husband, Jerry, live in Shelbyville.
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 Veterans:
Capitalizing on Small Business Enterprises
Veterans are
playing a significant role in our economy.
According to a December 2004 Small Business
Administration's (SBA) Office of Advocacy research report
titled "Evaluating Veteran Business Owner Data", there
were an estimated 4.2 to 5.5 million veteran-owned businesses
in the U.S.
The same report
estimated that the total U.S. veteran
population was 25.6 million. Statewide, the
Kentucky Department of Veterans Affairs approximates that
Kentucky is home to more
than 367,000 veterans.
The U.S. Census
Bureau's Surveys of Business Owners, Characteristics of Veteran-Owned Businesses and Characteristics of Veteran Business
Owners indicates the following:
·
Over 50% of the 2
million veteran-owned enterprises that
responded
to the surveys were home based.
·
72.6% of the
home-based firms were in construction-related
fields.
·
3.3% comprised
franchised-owned businesses.
·
67.1% employed
less than 50 people.
·
11% employed
50-99 people.
·
13% employed 100
to 499 people.
·
64% reported
using "personal/family savings" and/or "other
personal/family
assets" to start or acquire the business.
·
68% were age 55
and over.
·
36% were between
the ages of 55 and 64.
·
32% were over the
age of 65.
Another study,
Entrepreneurship and Business Ownership in the Veteran Population, concluded that 22% of all veterans are either
purchasing or starting a new business, or considering
purchasing or starting one.
"Procurement and
certification opportunities, as well as small business loan
programs, are just some of the services available for veterans
to take advantage of," said John E. Cole III, director of the
Cabinet for Economic Development's Small Business Services
Division. "Our division tries to maintain
specific awareness of these types of programs so that we can
assist veterans take advantage of them."
Below are a few
resources for veteran entrepreneurs:
·
The Kentucky
Department of Veteran's Affairs
·
The Cabinet for
Economic Development's Small and Minority
·
The Kentucky Procurement
Assistance Program
·
Service Corps of
Retired Executives (SCORE) Resource Links
for Veterans, National Guard and Military
Reservists
·
U.S. Small
Business Administration's Patriot Express Loan
·
U.S. Department of
Veterans
Affairs
Center for
Veterans
For further
information or assistance regarding veteran-owned businesses
in Kentucky, please contact
the Small Business Services Division toll free
at
1-800-626-2250 or visit
http://www.thinkkentucky.com/KYEDC/BusStart.aspx.
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 Economic
Injury Disaster Loan Program Initiated for Small Businesses Affected by Water
Lowering
Financial
assistance for small businesses affected by the below average
water levels on Lake Cumberland, may be just a
phone call away. As a result of the
Governor's Certification of Economic Injury, Economic Injury
Disaster Loans (EIDLs) from the U.S. Small Business
Administration (SBA) are available to qualifying small
businesses in the following counties:
Adair
Jackson
Pulaski
Casey
Knox
Rockcastle
Clay Laurel
Russell
Clinton
Lincoln
Wayne
Cumberland McCreary
Whitley
EIDLs are working
capital loans meant to assist companies in meeting their
necessary financial obligations, which cannot be met because
of the disaster.
Loan Program
Specifics
(other specifics
may apply)
·
Maximum
Loan: $1.5 million,
but the actual loan amount will
be determined by the SBA based on the business'
disaster-
caused financial needs.
·
Interest
Rate:
4.00%
·
Eligible
Entities: Small
Businesses and Small Agricultural
Cooperatives
·
Loan
Term:
Individually determined by the SBA based
upon
applicant's repayment ability, but will typically not
exceed 30
years.
·
Deadline: Completed
applications must be returned to SBA
no later than
March 26,
2008.
Since these are
loans, applicants must show that they have repayment
ability.
"SBA can help
these small businesses overcome their economic losses by
offering these working capital loans, but they cannot start
until they submit an SBA Disaster Loan application to us,"
said Steve Ayers, SBA's Kentucky district
director.
"We are grateful
to the SBA and to the Cabinet for Economic Development for all
of the assistance both agencies have provided," said Hilda
Legg, executive director in the Lake Cumberland Region for the
Governor's Office of Interagency Services.
"Hopefully, many businesses in this area will be able
to take advantage of this program and obtain some type of
assistance."
For more
information and to obtain an application, businesses may
contact the SBA's Customer
Service
Center at
1-800-659-2955.
Hours of
Operation: Monday - Friday
8:00 a.m. - 9:00
p.m. ET
Saturdays
9:00 a.m.
- 5:30 p.m. ET
Assistance for
farmers and ranchers affected by the disaster is provided by
the U.S. Department of Agriculture. Other
types of businesses, including those engaged in the buying and
selling of investment property, may not be eligible.
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 Kentucky
Chosen by National Governors Association to Participate in Policy Academy
The
National Governors Association (NGA) Center for Best Practices
has selected Kentucky
to participate in a yearlong policy academy that involves
working with nationally recognized NGA
Center
experts to identify economic policies that can help improve
the commonwealth's competitiveness in the global economy.
Entitled
State Strategies for Promoting Innovative Clusters and Regional Economies, the
policy academy will begin to provide a team, representing a
range of economic development agencies and organizations, with
the latest information on how to apply contemporary cluster
analysis and innovation-based economic strategies.
Clusters
are groups of businesses and related institutions located near
one another that draw and create economic advantages from
their mutual proximity and connections. Clusters can boost
regional economic capacity and entrepreneurship, as well as
improve employment and wages. For this reason,
states can benefit from designing policies that promote
cluster success.
Kentucky
was one of seven states chosen by the NGA
Center
based on an application that was submitted by the state in
July. The other six states selected were Georgia,
Illinois,
Iowa,
Maryland,
Oregon,
and West
Virginia.
Participating states will learn about new research, promising
practices and state policy options related to cluster-based
and innovation-led economic development.
"The
NGA
Center's
policy academy will facilitate open discussion across state
agencies to help better align economic development with state
resources and advocate for a unified economic development
plan," said Economic Development Cabinet Secretary John
Hindman. "NGA's experts will assist in synthesizing a wide
array of studies and reports, while helping identify common
themes and overarching recommendations to help guide
Kentucky
in developing economic development policies."
The
Kentucky
policy academy team will focus on improving workforce
education and skills and encouraging entrepreneurship. Increasing our
workforce's skills and education levels are immediate and
pressing needs to help Kentuckians compete for higher paying,
high-tech jobs. Kentucky's
entrepreneurial economy, which is closely linked with
educational attainment, will also benefit from placing more
focus on an educated workforce.
The
NGA
Center's
report, Cluster-Based Strategies for Growing
State
Economies,
provides information on the benefits that cluster-based
economies can bring to regions. It can be viewed online and
downloaded at www.nga.org/center/sewp.
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