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., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 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.