LEXINGTON, Ky. – With the guidance and support of their business coaches, clients of the Kentucky Small Business Development Center infused $71,955,162 into the Kentucky economy through investments in their businesses from October 2020-September 2021.
SBDCs are leaders in job creation and measurable economic results. SBDCs help their clients create–a new business every 26 minutes, a new job every 5.7 minutes, $100,000 in financing every 8.8 minutes and $100,000 in new sales every 7.2 minutes, America’s SBDC said.
The Kentucky SBDC served 3,439 business owners and entrepreneurs through its no-cost business coaching, leading to the creation or purchase of 240 businesses and creation or support of 9,009 jobs. A total of 5,025 individuals attended web-based training hosted by the SBDC throughout the year.
“Small businesses are a vital part of our communities, as well as our economic well-being,” said Kristina Joyce, Kentucky SBDC state director, “We hear from our clients throughout the year that we’re helping them earn more money and be more confident in their businesses, and we see that reflected in the data. We love that we can assist small businesses in a way that creates tangible, real-world results.”
Also in 2021, the Kentucky SBDC added two new specialty teams: the International Trade Team led by Devanny King, and the Creative Economy and Tourism Team led by JC Phelps. These specialty teams provide coaching and advice to businesses across the Commonwealth with international trade objectives or arts and tourism, respectively.
Business investments were spread throughout the state, with large portions of growth in more rural areas. The newly opened Kentucky SBDC in Eastern Kentucky saw more than $2 million of capital infusion, as did the southcentral center in Bowling Green. More than $9 million in investments came through the London office, serving 21 mostly rural counties in the southeast corner of the state.
The Kentucky SBDC has been assisting the state’s small-business community since 1981. Through its statewide growing network of centers and experienced and knowledgeable staff, the Kentucky SBDC provides unparalleled business coaching and training services that help existing business owners and potential entrepreneurs succeed. Services include one-on-one business coaching, training workshops, market research, loan packaging assistance, financial projections and expertise needed to make informed business decisions.
Kentucky SBDC is co-sponsored by the U.S. Small Business Administration and is administered by the University of Kentucky’s College of Agriculture, Food and Environment in partnership with economic development organizations, regional academic institutions, chambers and the commonwealth of Kentucky.
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Ky Small Business Development Center clients got $72M in funding