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 3, 2016) - Kentucky’s finest small businesses and the small-business community were celebrated in the Capitol Rotunda in Frankfort during Kentucky Celebrates Small Business, an awards ceremony presented by the Kentucky Small Business Development Center and the Kentucky District Office of the U.S. Small Business Administration May 3.
Gov. Matt Bevin opened the awards ceremony by signing a proclamation recognizing National Small Business Week in the state.
"The vibrant entrepreneurial spirit in the commonwealth is a fundamental force driving Kentucky's economy and creating valuable jobs for our communities," Bevin said. "I understand, from personal experience, the sacrifice it takes for small business owners to survive. Every day they strive anew to secure a better life for their customers, their employees, their families and themselves. I am grateful to these men and women across Kentucky for taking the risk necessary to succeed."
WLEX-18 chief meteorologist Bill Meck served as emcee, along with his wife, Connie, whose small business, Sign Language Network of Kentucky, provided sign language interpretation for the event.
The Kentucky Small Business Development Center presented Kentucky Pacesetter awards to six businesses. Winners were chosen based on how they 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 D&D Shoe Company, Mayfield; Ingram Brothers, LLC, Morgantown; JSB Industrial Solutions, Inc., Tollesboro; Maynard Studios, Inc., Lawrenceburg; Trunnell’s Farm Market & Family Fun Acre, Utica; Flavorman and Distilled Spirits Epicenter, Louisville.
“We owe so much to the small businesses across the commonwealth that make our economy strong and diverse. It is a pleasure to recognize them and say thank you,” said Becky Naugle, KSBDC state director.
Each year, the U.S. Small Business Administration recognizes outstanding small businesses and entrepreneurs with awards across the country. The Small Business Person of the Year winner from each state will be acknowledged at both regional and national levels.
The 2016 Kentucky Small Business Administration award winners are:
Kentucky Small Business Person of the Year: David Dafoe, founder and CEO of Flavorman and Distilled Spirits Epicenter, Louisville
Kentucky Southeast Region 8(a) Graduate of the Year: Kathy Mills, president and CEO of Strategic Communications, Louisville
Kentucky Financial Services Advocate of the Year: Bill Fensterer, president and CEO of Capital Access Corporation, Louisville
Kentucky Minority-Owned Small Business of the Year: Harsha Wijesiri, president of Integrated Engineering, LLC, Lexington
Kentucky Veteran-Owned Small Business of the Year: Scott Matheny, president of Semper Tek, Lexington
Kentucky Woman-Owned Small Business of the Year: Desiree Sloan Harmon, founder and owner of Club Fit Studio, LLC, Paintsville
“The creative genius that drives our commonwealth forward lives in the minds of our entrepreneurs. This year we are honoring entrepreneurs from the far corners of Kentucky. We are deeply grateful for what they have done to sustain the economic vitality of large and small communities,” said Ralph Ross, district director of the Kentucky office of the U.S. Small Business Administration. “We are also grateful for our local, state and federal partners who work with us to help these entrepreneurs along their way.”
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 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. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
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.