Small businesses in Kentucky make up 99.3 percent of the state’s employers and account for 45 percent of its private sector workforce, according to the most recent State of Small Business and Entrepreneurship report released this week by the Kentucky Small Business Development Center (KSBDC).
The report, which was created in collaboration with the University of Kentucky’s Community and Economic Development Initiative of Kentucky, also stated that Kentucky is home to 27,227 minority-owned businesses, 106,000 woman-owned businesses and 33,100 veteran-owned businesses.
“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, in a release announcing the report.
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 Kentucky Small Business Development Center and Community Economic Development Initiative of Kentucky are part of the UK College of Agriculture, Food and Environment. KSBDC operates a network of 12 offices throughout the state and is a partner program with the U.S. Small Business Administration.
For more information on the report and KSBDC, visit their website at www.ksbdc.org/.