Unlocking Opportunities: Empowering Kentucky's Small Businesses

In a dynamic discussion at the Ashland Transportation Center, local and state economic development representatives shed light on the wealth of resources and support available to small business owners in northeastern Kentucky. From tax credits to collateral assistance, the conference highlighted the state's commitment to fostering the growth and success of these vital economic engines.

Fueling the Heartbeat of Kentucky's Communities

Tapping into Funding Opportunities

Kristine McNiel, project manager of the Kentucky Cabinet for Economic Development, emphasized the abundance of funding opportunities for small businesses in the region. "We love throwing money around," she said, encouraging attendees to explore the available resources. The cabinet offers two primary avenues of support: a small business tax credit for job creation and company reinvestment, as well as a loan support program through their credit initiative.Beyond these direct financial incentives, the state has also introduced the Kentucky Selling Farmer Tax Credit (KSFTC), which aims to encourage the continued use of agricultural land for farming. This credit provides a tax incentive for farmers who sell their land and assets to beginning farmers, addressing the common concern of capital gains taxes that often discourage such transactions.

Empowering Small Businesses, Strengthening Communities

For McNiel, the drive to secure funding for small businesses is a personal passion. As a small business owner herself, she has firsthand experience with the vital role these enterprises play in shaping the quality of life and the heartbeat of local communities. "They are the ones providing our quality of life and the heartbeat in our communities," she emphasized. "We can't attract big businesses if we don't have a state to attract them to."The data supports McNiel's sentiment, as small businesses are responsible for creating 96% of jobs in the state. By fostering the growth and success of these local enterprises, the state is not only supporting individual entrepreneurs but also strengthening the very fabric of Kentucky's communities.

Accessing Assistance and Resources

Individuals interested in learning more about the funding and support available for small businesses in Kentucky can visit the Cabinet for Economic Development's website, CED.ky.gov. The website offers direct assistance and guidance, connecting small business owners with the resources they need to thrive.The conference in Ashland served as a testament to the state's commitment to empowering small businesses and driving economic development. By highlighting the wealth of funding opportunities, tax credits, and support programs, the event provided a roadmap for small business owners to navigate the landscape and unlock the resources they need to succeed.As the heartbeat of Kentucky's communities, small businesses play a vital role in shaping the state's economic future. With the support and resources available through the Cabinet for Economic Development, these local enterprises are poised to continue driving growth, creating jobs, and enhancing the quality of life for all Kentuckians.