Corporate Law Blog

Small businesses in Kentucky require additional guidance

There is often a great deal of fluctuation when it comes to the flourishing of small businesses. Though Kentucky has been pushing for small businesses in our state, announcements for new businesses has been lower in 2014 than it was at the same time in 2013.

There had been 32 new business announcements in Kentucky from January through April of 2014. Capital investment has reportedly been at $673 million and close to 2,000 additional jobs. However, there were 53 new business announcements for the same period in 2013 with capital investment of $1.7 billion and close to 4,000 additional jobs.

As a part of National Small Business Week, the state government has begun a push to make possible entrepreneurs more aware of available programs. An agency called the Office of Entrepreneurship has also been launched to provide support and guidance for small businesses. This office offered support for over 2,000 small businesses during the prior year.

The president of one Kentucky business emphasized the importance of having a business plan in place when seeking financing. Such plans are already encouraged by the U.S. Small Business Administration through its Small Business Development Center.

We need for small businesses in Kentucky to have the opportunity to grow. The state already has 350,000 small businesses that provide employment for close to 750,000 people. However, it benefits no one to throw a lot of capital at a project only to see it fail. Small businesses require support and guidance concerning entrepreneurial innovation from attorneys and other professionals. Attorneys can draft agreements, make certain that regulations are complied with and work closely with the business to make certain employment issues are managed correctly.

Source: Louisville Business First, "Small-buiness projects behind last year's pace," Braden Lammers, May 16, 2014