The Harlan County Economic Development Authority heard from representatives of the Southeast Kentucky Economic Development Corporation during a meeting on Monday.
Harlan County Judge-Executive Dan Mosley introduced SKEDC Executive Director Brett Traver to the panel.
Mosley asked Traver to talk about micro-loans offered by the SKEDC.
“We’re an SBA micro loan lender, loans from $500 to $50,000,” Traver said. “We borrow money from SBA and they charge us to find those small starting businesses to try to help them get off the ground.”
Traver said along with the loans, the services of a small business development specialist is made available.
“The specialist works with them, provides them technical assistance,” said Traver.
Traver said the specialist would assist with things such as getting Quickbooks set up. He said the specialist would also advice about marketing and other aspects.
“It’s a loan program, but it’s more than that,” Traver said. “With all our loan clients, we want to work with them and help them grow.”
Mosley mentioned existing businesses may also qualify for the loan program.
“We also have separate loan funds that go from $50,000 to $250,000 for manufacturing,” Traver said. “In our service territory, we’ll do the same type of technical assistance for them. We’re partnered with banks; we’re partnered with other entities like us.”
Mosley asked if someone with a business plan was looking for funding they should contact the SKEDC.
“We’ll set down with them and review that business plan,” Traver said. “Our role is not to compete with banks…sometimes we just do loans that banks won’t do.”
Contact Southeast Kentucky Economic Development Corporation at 2292 S Hwy 27, Ste 340, Somerset, Kentucky, 42501 or call (606) 677-6100. SKEDC can also be reached via their website at http://www.southeastkentucky.com/index.asp
Reach Joe P. Asher at 606-909-4132 or on Twitter @joe_hde