26 Apr Want to Start/Help Your Business? Seminar Soon
April 26, 2010 (Scottsville, KY) [By Matt Pedigo, Citizens-Times Editor]
Organizers say anyone interested in starting their own business, or streamlining an existing one, can benefit from a free seminar coming soon to Scottsville.
Set for 5:30 p.m. Monday, Apr. 26 in the Washington Office Center, the seminar will be offered free of charge by this region’s Bowling Green-based branch of the Community Ventures Corporation (CVC).
The organization is headquartered in Lexington and was established in 1982. In recent years, it collaborated with the Kentucky Cabinet for Economic Development to open Bowling Green and Louisville offices in a partnership meant to enhance business investment in Kentucky. Seven CVC offices are now open statewide.
The non-profit CVC has been contracted by the US Small Business Administration (SBA) to distribute SBA venture capital and support services to small business entrepreneurs in this region, CVC Bowling Green branch Executive Vice President Jason Nuetzman said.
“We bring small business entrepreneurs funding and technical assistance, like helping them develop a business plan,” Nuetzman said. “We can also help bigger industries with larger amounts of money.”
For larger industries, loans can be as much as $2 million. This seminar will focus on small business; for these, the CVC can administer SBA “micro-loans” for as much as $35,000 or as little as $500.
“One man needed $1,000 for an old truck to help him with his business,” Nuetzman said.
CVC loans can offer low interest rates. However, Nuetzman is quick to note that the non-profit 501(c) (3) CVC organization is not meant to compete with private-sector banks or credit unions. In fact, he said, CVC-administered loans for more than $20,000 require a notice of refusal from a conventional lending institution that the entrepreneur had applied to.
In addition to lending services, Nuetzman said CVC can help show small business owners how to take advantage of new market tax credits to help them establish or expand their business, or deal with losses. In an age of mass foreclosures, CVC even offers financial counseling services for homeowners.
Located at 923 College Street in Bowling Green, the Bowling Green CVC office celebrated its grand opening on March 29 as Governor Steve Beshear presented the office with a check for $125,000 to help its startup and administrative expenses. That office is open from 8 a.m. to 4:30 p.m. weekdays. CVC has already been involved in some major Bowling Green-area projects. For example, CVC assistance with tax credits helped establish the Bowling Green Hot Rods and their ballpark—a $35 million investment. All told, CVC offices have administered more than $120 million in investment across the state, according to its internet site, CommunityVenturesCorporation.org.
The Bowling Green CVC is looking to reach out into surrounding counties, Nuetzman said. He noted that Allen County is a prime area. University of Kentucky studies show that Allen County leads the state in per-capita small business ownership and self-employment.
“It’s the first place CVC needs to be,” Nuetzman said. “We’re all about small town businesses.”
For planning purposes, Nuetzman asks that anyone wanting to attend the Scottsville event call his office in advance, at (270) 904-0323.
“But there’s no deadline,” he said. “We’ll take anyone who wants to show up.