Issue Position: Helping Small Business Create Jobs

Issue Position

Governor Beshear understands that economic revitalization must come from the ground up, so he developed and expanded a series of initiatives designed to increase resources for small businesses. Most community businesses are locally-owned, employ local workers and recycle dollars within the community. Small businesses are increasingly relied upon to help lead us out of the recession. Therefore, these are some the most critical investments the Commonwealth can make.

* The Small Business Development Credit Program helps companies create jobs and make critical investments they need to prosper. It provides tax credits to businesses that create, fill and maintain one or more new, eligible jobs while investing in equipment or technology.

* The Kentucky Export Initiative is a statewide program aimed at expanding opportunities and increasing resources for small- and medium-sized businesses in Kentucky seeking to establish international trade relationships.

* Gov. Beshear expanded the Kentucky Micro Enterprise Loan Program to 25 counties. Microloans offer businesses a small loan and allow them to make critical investments in order to survive, change directions and grow. With this expansion, small businesses in all 120 Kentucky counties have an alternative to conventional funding mechanisms.

* The Minority and Women Business Enterprise Certification Program increases the ability of Kentucky companies businesses that are at least 51 percent owned by women or racial or ethnic minorities to qualify or compete for work in other states that require certification by a statewide entity.

Source