10 Initiatives by Kentucky Commission on Small Business Innovation and Advocacy to Boost Entrepreneurial Ecosystem
Starting a business is a challenging task, even more so for small business owners in today’s competitive business world. However, the Kentucky Commission on Small Business Innovation and Advocacy (KCSBIA) is stepping up to the plate, providing supports to aspiring entrepreneurs and small business owners.
Here are ten initiatives by KCSBIA that are helping to promote a thriving entrepreneurial ecosystem in Kentucky.
1) One-Stop Shop for Small Business
KCSBIA has created a ‘one-stop-shop’ for small businesses, providing access to services like training, technical assistance, financial assistance, procurement, and state and federal resource information. This center serves as a one-stop clearinghouse for small businesses seeking help with permits, licenses or other issues.
2) Kentucky Angel Investors Network
The Kentucky Angel Investors Network provides access to capital for small businesses, filling the capital gap between the start-up phase and the venture capital phase. This platform connects accredited investors with early-stage companies seeking investment.
3) Kentucky Small Business Tax Credit
The Kentucky Small Business Tax Credit program provides a tax credit up to $25,000 dollars per year for small businesses that invest in their business and create jobs. This credit is available to businesses with 50 or fewer employees.
4) KYBIZinfo.com
KYBIZinfo.com is a web portal that provides information on starting and running a business in Kentucky. The portal offers resources on topics like business planning, financing, taxes, regulations, and more.
5) Kentucky Innovation Network
The Kentucky Innovation Network is a statewide network of business advisors and technical experts who provide startups with the resources they need to thrive. This network offers services including mentoring, business plan assistance, access to capital, and more.
6) Kentucky Small Business Credit Initiative
The Kentucky Small Business Credit Initiative leverages private capital to provide affordable financing to small businesses in Kentucky. This initiative increases the availability of credit to small businesses and provides support for job creation.
7) Community Development Block Grant Program
KCSBIA offers Kentucky’s Community Development Block Grant (CDBG) Program, which provides funding for infrastructure development, community facilities, and other community improvement projects. This program can help small businesses with broader community support efforts.
8) Innovation and Commercialization Center
The KCSBIA Innovation and Commercialization Center is a business incubator designed to support and encourage the growth of knowledge-based companies in Kentucky. This center provides resources to budding entrepreneurs to enable them to start their businesses, from ideation to commercialization.
9) SBIR/STTR
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are aimed at funding early-stage research projects by small businesses. KCSBIA’s SBIR/STTR submission program provides assistance to Kentucky businesses in securing federal funding for research projects.
10) Kentucky Procurement Technical Assistance Center
The Kentucky Procurement Technical Assistance Center (PTAC) provides businesses with resources for obtaining and performing on government contracts. PTAC offers free one-on-one consulting, training sessions, and assistance in locating and bidding on contracts.
Conclusion:
These ten initiatives by the Kentucky Commission on Small Business Innovation and Advocacy are among the many resources available to entrepreneurs and small business owners in Kentucky. By providing access to capital, expertise, and business development opportunities, KCSBIA is helping to create a supportive ecosystem that encourages innovation and entrepreneurship.
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