Small business incentives are closer than you think. In fact, the small business incentives you need to start or expand your business may be available right in your own backyard (locally, statewide, and nationally). While there are still no direct small business grants available from the federal government, many state development agencies offer direct small business programs and assistance designed to encourage and assist entrepreneurs in starting or expand a small business.
The following is a list of incentives/programs that are currently available to small businesses in Kentucky. Please contact the specific agency for more detailed information about their programs and requirements.
The Women-Owned Small Business Federal Contract Program provides equal access to federal contracting opportunities for women-owned small businesses (WOSB) and economically disadvantaged women-owned small businesses (EDWOSBs). The program allows contracting officers to set aside specific federal contracts for certified WOSBs and EDWOSBs.
The WOSB Program becomes effective in SBA’s regulations on February 4th, 2011. On that date, small businesses may begin taking steps to participate in the Program. Over the next few months the SBA will hold a number of training and outreach events to help small businesses understand the program and its requirements, as well as provide detailed information on the SBA website. The goal is for WOSBs and EDWOSBs to be ready to compete for contracts awarded in the fourth quarter of fiscal year 2011, which is when the largest percent of small business contracts are awarded.
To be an eligible WOSB, a company must be: (1) A small business that is at least 51% percent unconditionally and directly owned and controlled by one or more women who are United States citizens. (2) A woman must manage the day-to-day operations, make long-term decisions for the business, hold the highest officer position in the business and work at the business full-time during normal working hours.
To participate in the Program, a WOSB or EDWOSB must meet the eligibility requirements and either (1) self-certify their business OR (2) be certified by an SBA-approved Third-Party Certifier.
For more detailed information please visit, http://www.sba.gov/content/contracting-opportunities-women-owned-small-businesses or call your local SBA Office.
SBA, Kentucky District Office
600 Dr. Martin Luther King Jr. Place, Room 188
Louisville KY 40202, USA
The Business Consulting Program is designed to grow and improve local small
businesses which operate in Christian County. The program offers one-on-one, confidential consulting to business participants who desire professional guidance and advice in any area key to optimizing profit and viability. The 'consultant" is selected by the Business Development Committee of the Chamber from a team of business professionals to work with the participant. In addition, a "specialist" is available when a more focused area of expertise is needed for the participant. This program is offered to chamber members at no charge as part of their chamber membership. And available to non-members, at the cost of $99 which will be applied toward a chamber membership if the participant joins the Chamber within 90 days of registration.
For more detailed information, Contact the Hopkinsville Chamber at 270.885.9096.
Chamber of Commerce
2800 Fort Campbell Blvd
Hopkinsville, KY 42240
The Kentucky Small Business Investment Credit (KSBIC) program is designed to encourage small business growth and job creation by providing a nonrefundable state income tax credit to eligible small businesses hiring one or more eligible individuals and investing at least $5,000 in qualifying equipment or technology. With certain exceptions, most for-profit businesses with fifty or fewer full-time employees are considered eligible small businesses for this program. Applications for the KSBIC program will be accepted beginning in January 2011.
More detailed information go to: http://thinkkentucky.com/KSBIC/