FRANKFORT, Ky. (May 4, 2015) – Do you have the next great business idea? Have you spent your life working almost nonstop to make your small business successful? Your efforts are being celebrated this week.
May 4-8 is the U.S. Small Business Administration’s National Small Business Week, and the Commonwealth is taking time to honor the thousands of small businesses, entrepreneurs and innovators throughout the state.
“Small businesses are the backbone of Kentucky’s economy,” said Gov. Steve Beshear. “Kentucky provides resources to help entrepreneurs turn their dreams into full-fledged businesses. We pay tribute to small business owners for creating jobs and driving innovation in the Commonwealth.”
Kentucky’s 350,000 small businesses employ nearly three quarters of a million people statewide, and that number continues to grow.
“There are so many opportunities for entrepreneurs and small businesses in the Commonwealth,” said Mandy Lambert, commissioner of business development with the Kentucky Cabinet for Economic Development. “Last year, the Cabinet and our partners helped more than 2,000 small businesses form and grow. Our goal is to listen to these companies and then help identify the programs and resources they need to reach the next level of success.”
The Commonwealth offers a variety of programs to support small businesses through the Kentucky Cabinet for Economic Development’s Office of Entrepreneurship and other statewide organizations. Here are just a few of them:
The Kentucky Innovation Network: A statewide network of 13 offices, the Kentucky Innovation Network helps entrepreneurs at any stage — whether it is just starting with an idea or already having an established business — and works with them to plan, build and launch their business. kyinnovation.com
Kentucky Small Business Tax Credit: Kentucky’s small businesses can receive a yearly tax credit of up to $25,000 for creating at least one qualified job and investing at least $5,000 in qualifying technology or equipment. www.kytaxcredit.org
Kentucky Angel Investors Network (Kentucky Angels): Kentucky Angels brings new ventures and accredited investors together via monthly online meetings, providing investors access to deals and partnerships with entrepreneurs statewide. Currently, Kentucky Angels is comprised of nearly 60 accredited investors from 19 Kentucky counties and two other states. www.kyangels.net
Angel Investment Tax Credit: Individual angel investors can now receive tax credits of up to 50 percent of their investment in Kentucky small businesses. Investors outside the state also can receive the credit.
Kentucky Small Business Credit Initiative: More Kentucky banks and businesses are teaming up through the Kentucky Small Business Credit Initiative. The program is designed to help encourage banks to provide capital for an entrepreneur or small business whose loan request falls just outside the normal lending criteria. www.thinkkentucky.com/smallbizlending
SBIR-STTR Matching Funds Program: Kentucky continues to attract high-tech companies from around the nation thanks to the state’s competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program. The program matches federal funds awarded to Kentucky’s high-tech companies, as well as companies willing to relocate to the Commonwealth. www.kysbir.com
Learn more about other Kentucky small business resources here.
Since 1963, the U.S. Small Business Administration takes the opportunity to recognize the impact of outstanding entrepreneurs, small business owners and others through National Small Business Week. Events are held throughout the country to highlight small business owners and their importance as innovators and job creators.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2017 totaled a state record $9.2 billion, spurring more than 17,200 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.