State of Small Business and Entrepreneurship Report Released
LEXINGTON, Ky., (May 2, 2017) — The Kentucky Small Business Development Center (KSBDC), in collaboration with the University of Kentucky Community and Economic Development Initiative of Kentucky, released the State of Small Business and Entrepreneurship report. The study provides an overview of the important role small businesses play across the state.
Key facts from the report are:
- Small businesses account for 45 percent of the private sector workforce.
- Small businesses make up 99.3 percent of Kentucky employers.
- 27,227 Kentucky businesses are minority-owned.
- 106,000 Kentucky businesses are woman-owned.
- 33,100 Kentucky businesses are veteran-owned.
In 2016, small-business owners and entrepreneurs ranked access to capital as a major concern for startups and expansion. The U.S. Small Business Administration reported loan guarantees for Kentucky businesses of $223.3 million up from $204 million in 2015.
The report shows that small-business owners and entrepreneurs in Kentucky seek advice on financing their businesses from various sources. The top three are:
- banker/lender – 73 percent;
- accountant – 40 percent; and
- SBDC – 29 percent.
Site Selection Magazine ranked Kentucky second nationally in economic development per capita. The state ranked fifth for the cost of doing business, and Lexington was ranked the eighth best city for starting a business.
“Small businesses contribute to the Commonwealth’s economy by adding jobs and growing their communities. We are happy to celebrate them with this report during Small Business Week,” said Becky Naugle, state director for KSBDC.
The Kentucky Small Business Development Center and Community Economic Development Initiative of Kentucky are part of the UK College of Agriculture, Food and Environment. KSBDC is a network of 12 offices located throughout the state. The center helps existing and startup businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website at www.ksbdc.org/.