Additional Kentucky Small Business Financial Resources
The following are some additional state-sponsored credit facilities and grants, relevant to small business owners in Kentucky:
The Amber Grant Foundation was founded in 1998 with the goal of honoring the memory of Amber Wigdahl, a young woman who died at the age of 19 while realizing her business dreams.
Today, businesswomen from Kentucky and all around the country are eligible to apply for the monthly Amber Grant, which can range up to $10,000. In addition, female entrepreneurs who apply for a monthly grant are automatically eligible for a larger year-end $25,000 grant.
Based in Louisville, Access Ventures is an organization dedicated to building a more creative and equitable economy. This involves providing financial support to a broad range of people who wish to pursue their business ambitions.
As such, minority, women, LGBTQ, and disadvantaged business owners that aren’t able to receive mainstream lending products, are able to apply for additional funding from Access Ventures. The company supports organizations that share its mission of creating flourishing communities and building an inclusive economy.
Other Resources for Kentucky Small Businesses
The following institutions might be of assistance to your business:
The Kentucky SBDC doesn’t administer loans, grants, or investment capital. However, they can help you identify sources and increase the quality of your loan applications and proposals for funding.
For example, the organization provides valuable assistance with the following:
- Assembly of effective investor and loan packages
- Preparation of financial models and projections required by lenders and investors
- Analysis of current financial performance and appropriate recommendations
- Development of business plans and business models
- Networking and introduction to lenders and investors
SCORE is an all-volunteer organization that provides free education and mentorship to help you start, grow, and succeed in business.
The mentor volunteers at SCORE have years of real-world experience and are ready to guide small business owners as they work toward fulfilling their business goals and ambitions. The mentoring is free of charge and can be conducted by telephone, virtual meeting, email, at your place of business, or at an agreed location.
In addition, SCORE conducts regularly scheduled, low-cost educational workshops on the topics related to establishing and managing a successful business.
How to Prepare for a Kentucky Small Business Loan
You must attend to the following before proceeding with your Kentucky small business loan application:
- Business bank account: You should already have a business bank account. Should you be approaching a different bank for a loan, have your existing bank statements readily available.
- Credit score: Make sure to check your credit score and work on improving it if necessary. This can involve checking your credit report for mistakes, paying off any outstanding debts, and keeping your credit balances low at all times.
- Business registration: Make sure that your papers and licenses are in order.
- Business plan: Have your business plan in hand. A good business plan should include an executive summary, the marketing analysis and strategy, the products and services offered by your business, a budget, and financial projections.
- Business revenues: The higher your revenues, the better for the consideration of your application.
The Bottom Line
When looking for a small business loan in Kentucky, it is important not to limit yourself to traditional lenders alone. In addition to locally-based banks and credit unions, online lenders and platforms offer a broad range of financial products that can be easier to qualify for.
In addition, the state of Kentucky provides a variety of financial- and non-financial support, which includes business grants for minority- or female-owned companies, as well as mentorship and low-cost training workshops. So, whatever route you decide to take, you can be confident that you won’t be left alone on your business journey.