Frequently Asked Questions

 

Q: What is the mission & purpose of the MEDI?

A: MEDI's mission is to serve as the leading 501c3 economic development organization that impacts communities and economies for improvement through education, entrepreneurship, small, minority, and women-owned business development in Western Kentucky.

 

Through consulting, training and referrals, MEDI assists small businesses to function more effectively, increase the chances of success, enhance profitability, increase employment opportunities, and contribute to the vitality of the economy in Western Kentucky.

Q: Is MEDI affiliated with SBA?

 

A:  No. The U.S. Small Business Administration (SBA) was established in 1953 as an independent agency of the Federal Government in order to help people get in business, stay in business and grow. Murray State Small Business Development Center Program is the local agency that deals more with SBA's application process.

 

MEDI acts as a referring agent for SBA.  To learn about MEDI's Services, please call 270-885-8885.

Q: Do you have to be in business to use the services of MEDI?

 

A: No. You only have to be considering the idea of opening a business or researching the feasibility of a proposed profit-making venture.

 

To take the first step toward small business success, please review the training calendar and register for an upcoming beginner's course called "Starting a Home-Based or Small Business."  For additional questions, call 270-885-8885.

Q: Do I need to write a business plan?

 

A: Starting and running a business is a very demanding, difficult, and hopefully, rewarding experience. By writing a business plan you are planning for the success of your business. You will look to the future to anticipate potential problems and opportunities and develop a plan to handle them. Your business plan is an operational tool for running your business and is mandatory if you are looking for investment capital or a small business loan.

 

For assistance with business plan writing, or to attend a training seminar on Business Plan Development, please contact 270-885-8885.

Q: Are there grants for small businesses?

A: No. The only grants available for "for-profit" businesses are in research. Small Business Innovation Research program (SBIR) is a highly competitive program that encourages small businesses to explore their technological potential and provides the incentive to profit its commercialization. Small businesses must meet certain eligibility criteria to participate in the SBIR program:

 

·         American-owned and independently operated

·         For-profit

·         Principal researcher employed by business

·         Company size limited to 500 employees

 

Three-Phase Program:
Following submission of proposals, participating agencies make SBIR awards based on qualification, degree of innovation, technical merit and future market potential.

For more information on the SBIR program, visit http://www.sbir.gov/ .

Q: What is the most useful financial report for a start-up business?

 

A: One of the most valuable financial reports for a start-up business is the Statement of Cash Flow Projection. It is advised that a business should project out 12 months of income and expense items for two separate scenarios:

 

·         Expected Revenue

·         Break-even revenue & expense

 

For assistance on accounting software training seminars, or to make an appointment with our business consultant, please call 270-885-8885

 

Q: What are the requirements for an SBA Guaranteed loan?

 

A: There are several key requirements that the SBA looks at before reviewing a loan application.

 

·         For profit business only.

·         US or legal permanent resident status- verified with INS.

·         Eligible purpose for loan proceeds. (i.e. working capital, machinery, equipment, etc)

For more information on loan assistance, please contact 270-885-8885

 

Q: Can you help if my business is set-up as a not-for-profit business?

A: Yes.  MEDI helps both for-profit and not-for-profit organization start their small business.

Q: I want to start a business from my home, what should I do?

 

A: As with any other business, a home-based business must have proper zoning approval and a business license. For home-based business, zoning is particularly important, Please check with the city or county clerk to find the zoning laws for a particular area.

 

For more information on how to start a home based business, or to register for an upcoming beginner's course called "Starting a Home-Based or Small Business."  please contact 270-885-8885.

 

Q: I have a small business and would like to sell to the Federal Government. Where do I find Government solicitations that I can bid on?

 

 

A: The best place to start looking for Federal Government procurement opportunities is FedBizOpps (Federal Business Opportunities). Go to the Internet and enter www.fedbizopps.gov.

 

The FedBizOpps web site provides assistance by e-mail and a toll-free helpline. The site also links to FirstGov.gov, Federal Asset Sales, Federal Commons, Department of Defense Business Opportunities, the Minority Business Development Agency, Pro-Net, and Sub-Net.

 

FedBizOpps has been designated as the single source for federal government procurement opportunities that exceed $25,000. Commercial vendors seeking Federal markets for their products and services can search, monitor and retrieve opportunities solicited by the entire Federal contracting community. Government agencies use the FedBizOpps system to post any and all relevant procurement information on the Internet, including procurement notices, solicitations, drawings, and amendments, and eventually receive proposals electronically.

 

FedBizOpps can be searched for procurement opportunities by; key word, solicitation number, date, procurement classification code, and agency for active or archived solicitations. Vendors can also sing up to automatically receive procurement information, by solicitation number, selected organizations, and product service classification, allowing vendors to react more quickly to procurement opportunities because they are better informed.

 

For more information or assistance with Federal, State, or Local goverment bidding or contracting opportunities please contact Henry Snorton with MEDI, at 270-885-8885 or click here for bidding and contracting information.

 

 
 

 

1101A South Main Street

Hopkinsville, KY 42240

Office:(270) 885-8885

Fax: (270) 885-7985

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1101A South Main Street, Hopkinsville, KY 42240 (270) 885-8885 .