For some small businesses and entrepreneurs in Central Kentucky, getting up and running isn’t as simple as walking into a bank and asking for funding. For those who need alternative routes to starting or growing their business, experienced resources are available in Lexington to help with business development, financing and business coaching. Here is information on several locally based organizations.
SCORE Lexington
389 Waller Ave., Suite 130
(864) 231-9902, lexington.score.org
SCORE Lexington is a nonprofit organization that provides complimentary professional guidance for small businesses. Run by volunteers, the organization provides mentoring for individuals wanting help with their small business — from starting up to turning it around. SCORE also provides workshops for a small fee.
Chapter chair Barb Ellenbrook said anyone interested in starting a business can call SCORE and be connected with a mentor who will help individuals draft business plans, apply for grant funding or apply for a small business loan with the U.S Small Business Administration. Experts in everything from information technology to social media to finance are available to help clients who “come in with a dream” and can use guidance into turning that dream into a reality, Ellenbrook said. Mentoring meetings are available in person or online.
The organization also offers online workshops and archives of past webinars. Additionally, a library of resources, including a resilience hub, gives small businesses the resources they need to become and stay successful.
Commerce Lexington Access Loan Program
330 E. Main St., Suite 205
(859) 257-7666, commercelexington.com
Commerce Lexington has made its Access Loan Program available to small businesses since 2001, said Mark Turner, Commerce Lexington’s chief communications officer. The program provides small business with access to technical assistance in helping minority-owned businesses secure funding.
Bringing together area lending institutions with the Bluegrass Small Business Development Center, the Access Loan Program provides help for businesses to develop a business plan and gather the information they need to improve their chances of getting credit. Interested businesses must be in the Greater Lexington area and be for profit businesses pursuing loans for start-up, expansion, capital or franchise expenses. Loans must be a minimum of $5,000 and can only be used on working capital, inventory, leasehold improvements or equipment for commercial use.
Community Ventures SBA 504 Loan Program
1450 N. Broadway
(859) 231-0054, cvky.org
Community Ventures is a Small Business Administration Certified Development Company serving Kentucky. The organization can offer SBA 504 loans, financed and regulated by the Small Business Administration.
Established by Congress, the 504 loan program offers long-term, fixed-rate financing of up to $5 million to promote business growth and job creation. Only available through SBA community-based partners or Certified Development Companies like Community Ventures, the program provides funding to purchase existing buildings, new buildings, land or equipment, and machinery, as well as make improvements to land, streets, utilities, parking lots, landscaping and existing facilities, as well as some professional fees.
Community Ventures also offers private work space — either physical or virtual — and offers small businesses an array of professional support services at affordable prices. In Lexington, the Center for Entrepreneurship provides offices near downtown, with free onsite parking and an in-person receptionist. Businesses have access to a conference room, high-speed wireless internet access, o.ce equipment like copiers, scanners and fax machines, and desktop computers. Its virtual office space gives small businesses a business mailing address, personalized phone answering services and access to conference rooms.
Women’s Business Center of Kentucky
1450 N. Broadway
(859) 231-0054, cvky.org
Hosted by Community Ventures, the Women’s Business Center of Kentucky (WBC) provides female small-business owners and entrepreneurs with resources and training to launch and operate their businesses.
Phyllis Alcorn, executive director for the center, said the organization works with women to enhance their chances of getting loans. “We don’t provide loan funding, but we will help them get that business plan tightened up and get them into a position where they can be a good borrower of funds,” she said.
This past October, WBC held a Small Business Jump Starter Kit Contest to help women launch their businesses, as a celebration of Women’s Small Business Month. About 20 women applied, Alcorn said, by submitting the executive summary of their business plan. Six months later, the winner, V & M Aesthetics in Morehead, is almost ready to launch. The boutique spa will feature minimally invasive, results-oriented, medical-grade treatments for all skin colors under the guidance of licensed physicians.
WBC will likely repeat the contest again this year, Alcorn said, with a few more aspects to it, although no definitive decisions had yet been made.
The organization also offers a four-session, in-person Build Your Business class, designed to give women entrepreneurs and business owners a foundation on running a successful business, including guidance on permitting and licensing, registering a business with the state, marketing, management, financial reporting and business operations. The class runs every other month, and is limited to 20 registrants per session. The next session starts in June.