In April of 2014, the Kentucky Small Business Development Center in partnership with the Community and Economic Development Initiative in Kentucky launched the Grow Kentucky program and received overwhelming interest from throughout the Commonwealth. The center and initiative are part of the University of Kentucky College of Agriculture, Food and Environment.
Typically a region’s economic growth is based on attracting new large scale companies, often via offers of tax incentives and workforce development services. By contrast, Grow Kentucky focuses on aiding established growth-oriented companies with strategic issues such as developing new markets, refining business models and accessing competitive intelligence. Small businesses with longevity and a goal to expand are often referred to as second stage businesses. Such companies generally engage 10 to 99 employees and generate from one to 50 million dollars in annual revenues.
Jamie and Steve Bryant, owners of B-Books.com , a book packaging company based in Covington, KY were among those with a piqued interest in the new program. The Bryant’s company had the potential, it was direction they needed.
Brock Elliott had 10+ years of experience working in the auto auction industry and always hoped to one day operate his own auto auction company.
In 2012, Brock began pursuing possible locations and available space. He met with a local lender who referred him to Kim Jenkins, management consultant at Morehead State University’s Ashland Small Business Development Center (SBDC).
The Ashland SBDC has been providing small business consulting services free-of-charge in downtown Ashland for nearly 30 years.
Brock met with Jenkins about securing a loan to open an auto auction in the Ashland area. He had located some commercial property for lease on Slone Court in Ashland/Cannonsburg, Kentucky. Jenkins assisted him with business planning, financial forecasting, and loan packaging. As plans were discussed, it became necessary to calculate his anticipated start-up costs which included fencing, garage doors, decks, lighting, signage, sound system, furnishings, office equipment, etc… Jenkins also helped him project estimated sales/income potential and overhead expenses.
In the months that followed, she worked with him to prepare three-year cash flow/profit-loss financial projections and SBA loan paperwork for submission to a local bank. In March 2013, he was approved for SBA financing, and the grand opening of Bigg Deals Auto Auction was conducted on June 6. The auction is conveniently located ¼ mile past Wal-Mart on Rt. 60; turn at Freedom Homes; Bigg Deals is the white building next to Holiday Inn Express.
In July 2012, Amy Adkins began pursuing her dream of business ownership and visited a local bank to discuss her financial needs. The lender referred her to Kim Jenkins, management consultant at Morehead State University’s Ashland Small Business Development Center (SBDC). The Ashland SBDC has been providing small business consulting services free-of-charge in downtown Ashland for nearly 30 years.
Adkins planned to open a Chickabiddy Frozen Yogurt franchise in Louisa. During her sessions with Jenkins, they discussed loan options, loan requirements/criteria and she was provided outlines, information and worksheets to begin drafting a business plan and financial data for SBDC review. They calculated her start-up costs including the franchise fee, remodeling/renovations, inventory, equipment/machinery, and working capital. In the weeks that followed, Jenkins worked with her to develop and finalize a business plan, three-year financial projections, and loan proposal to start the frozen yogurt shop. Adkins then returned to her lender fully prepared to pursue financing.
OWENSBORO, Ky. (July 12, 2013) – Tina Snodgrass, APRN, FNP-C has opened her Skin Care Practice at 2816 Veach Road, Suite 208, in Owensboro with the help of Lois Decker, Center Director of the Kentucky Small Business Development Center at Murray State University in Owensboro .
Tina is a Nurse Practitioner and Board Certified in Family Practice. She has extensive experience in dermatology and started practicing in dermatology in 1999. Tina will see any patient with or without insurance including, TriCare, Medicare and Medicaid. Same day appointments are available. Tina’s number one priority is providing quality patient care. You may make an appointment by calling 270.926.0707.
LEXINGTON, Ky., (May 6, 2015) – The commonwealth’s best were celebrated in the Capitol Rotunda in Frankfort on May 6 with an awards ceremony recognizing outstanding small businesses and small-business people. Kentucky Celebrates Small Business was presented by the Kentucky Small Business Development Center, the Kentucky district office of the U.S. Small Business Administration and the Lexington chapter of the National Association of Women Business Owners.
“Small Business Week is big in Kentucky! These three organizations share the mission of supporting and encouraging small business and are proud to celebrate the wonderful entrepreneurial talent in Kentucky,” said Becky Naugle, KSBDC director.KSBDC selects Kentucky Pacesetter businesses based on how the nominees are changing Kentucky’s economic landscape by introducing innovative products, increasing sales and/or production, boosting employment and serving their communities.
This year’s outstanding Kentucky Pacesetters are:
• A.C.E. Compressor Services Inc., Mayfield
• Green River Appliance, Owensboro
• Stewart and Stafford Inc., Pikeville
• Sustainment Solutions Inc., Lancaster
Each year, the U.S. Small Business Administration recognizes outstanding small businesses and entrepreneurs with awards across the country. The Small Business of the Year winner from each state has the opportunity to be acknowledged at both regional and national levels.
The 2015 Kentucky Small Business Administration award winners are:
• Kentucky Small Business Person of the Year: Scott Shinn, president and CEO of Sustainment Solutions Inc.
• Kentucky 8(a) Graduate of the Year: Kathy Mills, president and CEO of Strategic Communications
• Kentucky SBA Resource Partner of the Year: David Oetken, director of Small Business Development Center Louisville
• Kentucky Financial Services Advocate of the Year: Mark Strother, president and CEO of Commercial Bank of Grayson
• Kentucky Home Based Business of the Year: Nicole Mueller, president and owner of Startup Productions LLC
• Kentucky Woman Small Business Advocate of the Year: Michelle Gorman, small business specialist at U.S. Bank of Bowling Green
• Kentucky Young Entrepreneur of the Year: Shane Hamilton, president and owner of Service Maids LLC
“Entrepreneurs are the engines who drive our economy forward,” said Ralph Ross, district director of the Kentucky office of the U.S. Small Business Administration. “Every year we honor them during Small Business Week, and this year we have an extra reason to celebrate. The Kentucky unemployment rate has dropped to 5.1 percent, and demand for SBA loans has increased 30 percent over last year. Our Kentucky entrepreneurs are hard at work, and we cannot thank them enough.”
The Lexington chapter of the National Association of Women Business Owners strives to propel female entrepreneurs to spheres of economic, social and political influence through strengthening economic development, creating innovative and effective changes in the business culture, building strategic alliances and transforming public policies.
Their Winners’ Circle Award is presented annually to a Kentucky woman who has shown outstanding leadership, financial stamina and control, contributed to her community through time and resources, understands and resolves complex issues, and is dedicated to furthering women in business through personal support and mentoring. The 2015 recipient is Dr. Ardis Dee Hoven, past president of the American Medical Association and a Lexington-based infectious disease physician.
The chapter also presented the following awards:
• Woman Business Owner of the Year: Dr. Jennifer Fuson, owner of Lexington Women’s Health
• Member of the Year: Karen Boone, owner of Kreations by Karen
• Tribute Award: Ericka Harney, executive director of Accounting and Financial Women’s Alliance
• Rising Star Award: Kelly King Bakehorn, owner and president of The Grand Reserve and The Barrel House
• Legacy Award: Kathy Gornik, president and CEO of Aperture Consulting
“With the latest census statistics showing that the majority of all workers in America are employed by small-business owners, we are reminded that small-business owners are the true unsung heroes of our times,” said Janey Moores, NAWBO Lexington chapter awards coordinator. “That same census also shows that women now own at least a third of all businesses in the U.S. As more and more women follow the dreams of their hearts by owning their own businesses, America grows stronger by the day and remains the land of the free and the home of the brave.”
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 15 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-7668
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.