In Focus: Some resources like schemes, initiatives & grants for women entrepreneurship in Kentucky
#WomenInBusinessKY #KentuckyEntrepreneurs #EmpowerWomen
In Kentucky, also known as the “Bluegrass State,” women entrepreneurs are making significant strides – backed by a growing range of resources tailored specifically for them. With the number of women-owned businesses surging by 32% between 2014 and 2019, Kentucky is steadily becoming a haven for female business owners across sectors like – healthcare, education & professional services. However, despite this growth, women entrepreneurs often face unique challenges, particularly in accessing capital and building essential networks.
Empowering Women Entrepreneurs: Kentucky’s Growing Landscape of Resources & Opportunity
To bridge this gap, Kentucky is home to numerous initiatives designed to give a boost to women entrepreneurship. Key organizations like the Kentucky Women’s Business Center and the Women’s Business Network of Kentucky offer invaluable support – through training programs, funding opportunities, and networking events. These platforms not only connect women entrepreneurs, but also provide them with essential tools and guidance to succeed in a competitive market.
The energy surrounding women-led enterprises in Kentucky is infectious. As more women embrace the entrepreneurial spirit, the state’s economy is becoming more inclusive & dynamic. For aspiring women entrepreneurs, Kentucky offers fertile ground to innovate, thrive, and redefine success on their own terms. The Bluegrass State is proving that it’s not just a place for opportunity, and that it’s a place for growth, empowerment & community.
Here are some resources for women entrepreneurship like schemes, initiatives and grants in Kentucky.
> Kentucky Small Business Development Center (Kentucky SBDC)
If you are deciding to start your own business it can be both exhilarating and stressful with many unknowns and challenges to be overcome.
The Kentucky Small Business Development Center (Kentucky SBDC), offers support and guidance for entrepreneurs looking to start or grow their business in Kentucky. Starting a business can be an overwhelming task, but with the right resources and guidance, you can successfully start your business and achieve your entrepreneurial goals.
Let the experienced coaches at the Kentucky SBDC walk with you through the process. Our coaches can help you with help in many areas such as: Developing your business plan; Preparing budgets and financial projections; Performing Market research; Developing business models; Preparing Marketing plans; Analyzing the Feasibility of an idea; Investor presentations; Preparing a Loan package, and more…
https://kentuckysbdc.com/new-businesses/
Kentucky Government Agencies
> Kentucky Business One Stop
Kentucky Business One Stop will guide you in developing your ideas and concepts into a business plan and connect you to resources that will help you know what to expect on the path ahead. The entire site provides resources to not only help you start your business – but also manage your business, expand your business, and move your business to Kentucky.
Research: Improve your chances of success with good planning, preparation, and insight. One of the first steps in starting a new business is adequate research and planning.
Mentoring: Business mentors have the experience of operating on their own, and you can benefit from their experience. This section provides a wealth of resources in Kentucky, and they’re all provided at no cost.
Write a Business Plan: A good business plan acts as a road map that allows you to look at your business objectively and see where the strengths and weaknesses are before opening, and then every step along the way. It is also a key part of any financial documentation package that gives lenders and investors a clear picture of your ideas.
> Kentucky Cabinet for Economic Development
The Kentucky Cabinet for Economic Development supports the state’s entrepreneurial ecosystem – leading the way for small business development by bringing together partners, backers, programs, opportunities, and stakeholders from across the United States.
Here it connects small businesses with resources such as:
Access To Capital
Business Mentoring
Expanding Markets
Business Advocacy
Training Incentives
> Kentucky Small Business Administration – SBA
The Kentucky SBA is supported by a district office in Louisville. They provide services such as – funding programs, counseling, federal contracting, certifications, and disaster recovery. They can also connect you to partner organizations, lenders & other community groups that help small businesses succeed.
This location serves all 120 Kentucky counties.
Examples of educational programs and events include: How to Market Your Business in 30 Minutes Per Day, Elevating Your Food Business, Veteran Business Q&A, and Strategically Leveraging Debt to Build Your Small Business.
https://www.lisamasiello.com/kentucky-women-entrepreneurs-start-a-new-business
Kentucky Agencies & Non-profit Organizations
> Women’s Business Center of Kentucky
The Women’s Business Center of Kentucky helps women entrepreneurs, especially those who are economically or socially disadvantaged, start and grow businesses in the state of Kentucky.
In an effort to “level the playing field” for women in business, its mission is to empower, support, encourage, and equip women entrepreneurs and business owners for success through training, workshops, counseling services, and networking opportunities.
WBC of Kentucky services include many such as: Quality Business Education; Access to Micro and Small Business loans and loan package preparation; One-on-one Business Technical Assistance; Business Development Planning and Marketing Strategies; Networking Opportunities & Training programs for new and emerging businesses.
> Women’s Business Enterprise Council Ohio River Valley – WBENC
Women’s Business Enterprise Council Ohio River Valley (WBEC ORV) provides WBENC certification to women-owned companies in Ohio, Kentucky & West Virginia.
While certifying women-owned businesses is the foundation of its mission, WBEC ORV also offers facilities such as:
development opportunities to scale businesses to compete in the marketplace.
connect with corporations’ leading supplier diversity departments for real-time business opportunities.
network with other WBEs for partnering and purchasing opportunities.
> Kentucky Small Business Development Center – KSBDC
The Kentucky Small Business Development Center network provides business services that empower entrepreneurs with practical information, skills & strategies. So, the experienced coaches at the Kentucky SBDC can walk with you through the entire process of: developing your business plan; preparing budgets and financial projections; performing market research; developing business models; preparing marketing plans; analyzing the feasibility of an idea; creating investor presentations & preparing a loan package.
> Frankfort Area Chamber of Commerce
What the Frankfort First Foundation does is that it promotes, supports, undertakes, and encourages education, workforce, community development, and business development initiatives in Frankfort and the surrounding areas.
Frankfurt Area Chamber of Commerce resources include – a Business Start-Up Checklist – a great tool for acquainting new business owners with the critical steps in opening the doors of a new business.
> National Association of Women Business Owners – NAWBO Kentucky
NAWBO Kentucky serves Kentucky, the Southern Indiana and Cincinnati, Ohio areas. Its mission is – to help connect women to the resources, people, information, and organizations that can help them achieve their personal and business goals.
By combining the knowledge, networks, and expertise of its diverse membership, NAWBO Kentucky works to:
Strengthen the wealth-creating capacity of members and promote economic development.
Create innovative and effective changes in business culture.
Build strategic alliances, coalitions, and affiliations.
Transform public policy and influence opinion makers.
> Community Ventures – Kentucky
Community Ventures provides help in areas such as – access to working capital and financial education and training to help business owners reach their goals. So, whether you are starting a new business or growing an existing business, Community Ventures can help you make it a success.
As the largest CDFI in the state of Kentucky and a certified U.S. Small Business Administration (SBA) lender, Community Ventures is a recognized leader in small business lending and a trusted nonprofit resource for small businesses in Kentucky.
Over a track record of 40+ years, Community Ventures has helped more than 8,600 entrepreneurs start or expand their businesses, providing nearly 100K hours of training and over $62M to entrepreneurs.
> Mountain Association
The Mountain Association’s Business Support program connects businesses and organizations with consultants, who can extend the support and customized training you need. This includes: Website development and training; Strategic marketing, including social media; One-on-one accounting training; Business coaching; Financial training and planning; Strategic planning; Plant production and process efficiencies & Energy efficiency and solar projects.
> SCORE Kentucky
SCORE is a non-profit association dedicated to – educating entrepreneurs & helping businesses start, grow, and succeed across the state of Kentucky.
SCORE volunteers offer entrepreneurs confidential business counseling services at no charge and sponsor local workshops and events to connect all business owners with the people and information they need to reach success in the business world.
SCORE Kentucky provides:
volunteer mentors who share their expertise across many industries
free, confidential business mentoring in person, via email, or by video
free business tools, templates & tips
inexpensive or free business workshops and webinars
https://www.score.org/kentuckiana
https://www.lisamasiello.com/kentucky-women-entrepreneurs-start-a-new-business
Funding – State and Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA
Investment capital: Find an investor for your business. Investors make both debt and equity investments
Disaster assistance: Get help after a disaster with low-interest disaster loans
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond
Grants: Look for government grants that help businesses do scientific research and development.
> Mountain Association
Mountain Association is a Community Development Financial Institution and a nonprofit (not a bank). Meaning loans can offer greater flexibility than those available with a traditional lender.
Whether you are just getting started with your business idea, or you are an established business or non-profit needing a loan to expand your impact, Mountain Association can find the right kind of affordable financing for you.
They also offer a number of other services including – the Business Support program that can also pay for all the costs of a consulting project for your business or organization – from marketing support to QuickBooks training, and more. The Energy team can also conduct a free energy audit of your building to help you find energy savings.
Loans range from $1,000 to over $1 million.
> Commerce Lexington – Economic Development
Whether a company in the early stage that needs start-up funding or a regional firm that would like some additional funds to establish your expansion location, the staff at Commerce Lexington can help you determine if you are eligible for a variety of funding options including:
Kentucky Business Incentives and Financial Programs
Access Loan Programs
Angel Investment
https://www.lisamasiello.com/kentucky-women-entrepreneurs-start-a-new-business
> Kentucky Small Business Credit Initiative (KSBCI)
Under the Kentucky Small Business Credit Initiative, the Commonwealth provides a multitude of financial aid options. Aimed at stimulating private lenders to extend more loans and capital to small businesses, KSBCI operates with funds from the federal State Small Business Credit Initiative (SSBCI). This initiative includes – loan participation, loan guarantee and venture capital programs.
> Commonwealth Small Business Funding Initiatives
The Commonwealth of Kentucky, through its partnership with local lenders, facilitates loan support and access to credit for small enterprises. The Kentucky Economic Development Finance Authority (KEDFA) plays a critical role in administering these financing solutions. Participating lenders work in conjunction with state programs to enhance financing options that encourage local development and job creation.
https://resolvepay.com/blog/post/small-business-funding-programs-kentucky
> KSBCI 2.0
A strategic portion of the KSBCI 2.0 funding is earmarked for venture capital – addressing a critical area of need for start-ups and high-growth companies. By emphasizing this sector, Kentucky aims to catalyse innovation and entrepreneurial spirit.
> Accion Opportunity Fund (AOF)
Kentucky also harbours non-profit lenders such as Accion Opportunity Fund (AOF), that provide fast, fair, and affordable funding with a focus on women-owned businesses.
In summary, the state’s multi-layered approach to funding underscores its dedication to upholding and supporting the small business community, thereby contributing to the overall growth of Kentucky’s economy.
https://resolvepay.com/blog/post/small-business-funding-programs-kentucky
Avtar Madan
Himanshu
Shree Lahiri
