LEXINGTON, Ky. – With guidance and support from their business coaches, Kentucky Small Business Development Center clients injected $71,955,162 into the Kentucky economy through investments in their businesses from October 2020 through 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 funding every 8.8 minutes, and $100,000 in new sales every 7.2 minutes. said the US SBDC.
The Kentucky SBDC has served 3,439 business owners and entrepreneurs with its no-cost business coaching, leading to the creation or purchase of 240 businesses and the creation or support of 9,009 jobs. A total of 5,025 people attended online training organized by the SBDC throughout the year.
“Small businesses are an essential part of our communities, as well as our economic well-being,” said Kentucky State SBDC Director Kristina Joyce, “We hear from our customers throughout the year that we help them make more money and be more confident in their businesses, and we see that reflected in the data. We love that we can help small businesses in a way that creates real, real 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 specialist teams provide coaching and advice to Commonwealth businesses with international trade or arts and tourism objectives, respectively.
Business investment was spread across the state, with much of the growth in more rural areas. The recently opened Kentucky SBDC in Eastern Kentucky saw over $2 million in capital injection, as did the Bowling Green South Center. More than $9 million in investments passed through the London office, serving 21 mostly rural counties in the southeastern corner of the state.
The Kentucky SBDC has been helping the state’s small business community since 1981. With its growing network of centers and experienced, knowledgeable staff, the Kentucky SBDC provides unparalleled business coaching and training services that help business owners existing business and potential entrepreneurs to succeed. Services include one-on-one professional coaching, training workshops, market research, loan origination assistance, financial projections and the 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 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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