Fostering entrepreneurship and growing small businesses are the foundation for job creation and Kentucky's economic vitality. Important economic contributors, small businesses employ more than 40 percent of Kentucky's workforce and represent 98 percent of the state's firms.
According to an independent study conducted by James Chrisman, Economic Impact of the Kentucky SBDC Business Development Counseling Activities in Kentucky 2011-2012, the Kentucky Small Business Development Center network helped entrepreneurs create 837 jobs and retained or saved a total of 1,528 jobs.
These growing businesses increased sales by $139.3 million and generated $8.9 million in tax revenue. Clients reported acquiring more than $40 million in financing with KSBDC’s support, financing that helped them grow their businesses. KSBDC counseling provided a $9.73 rate of return.
"The return on investment in the KSBDC program is substantial. For every $1 invested in the program, $9 is returned in tax revenue," said Becky Naugle, state director of the Kentucky Small Business Development Center network, based in the University of Kentucky College of Agriculture, Food and Environment. "These results point to the importance of small businesses having access to the management and technical assistance they need to make sound business decisions."
The research also found that small businesses assisted by the centers are growing at a much faster rate than the average Kentucky firm. Of the businesses receiving services from KSBDC, 95 percent stated the services were beneficial and 98 percent would recommend them.
KSBDC has nourished a statewide partnership between higher education and economic development organizations that are dedicated to providing emerging and established business owners with management and technical assistance and enabling overall growth and increased profitability for the businesses and economic prosperity for Kentucky. A statewide network of 15 centers, the Kentucky Small Business Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration, hosted by UK and accredited through the national Association of SBDCs. The Kentucky Small Business Development Center serves the complex and diverse needs of entrepreneurs and businesses through no-cost professional consulting, value-added business training and access to business data and information. Since its inception, the KSBDC has served thousands of entrepreneurs and small business owners and is the only statewide organization providing businesses assistance through all stages of their growth.
KSBDC partners with Northern Kentucky University, Eastern Kentucky University, Western Kentucky University, Murray State University, Morehead State University, Southeast Community and Technical College, Louisville Metro Government, and Lexington-Fayette Urban County Government. To learn more about the Kentucky Small Business Development Center or to find a small business development center near you, visit http://www.KSBDC.org.
Becky Naugle, 859-257-7668