Mission Statement
10
Mission Mission Statement Statement The Southeast Kentucky Economic Development Corporation The Southeast Kentucky Economic Development Corporation (SKED) is an SBA Certified Development Company and U.S. (SKED) is an SBA Certified Development Company and U.S. Department of Treasury Community Development Financial Department of Treasury Community Development Financial Institutions Fund whose mission is to attract new Institutions Fund whose mission is to attract new investment and create jobs in a 45-county service area investment and create jobs in a 45-county service area in Southeast Kentucky. in Southeast Kentucky. • Business Recruitment Business Recruitment • Direct Loans Direct Loans • Small Business Technical Assistance Small Business Technical Assistance
description
Mission Statement. - PowerPoint PPT Presentation
Transcript of Mission Statement
Mission Mission StatementStatement
The Southeast Kentucky Economic Development Corporation The Southeast Kentucky Economic Development Corporation (SKED) is an SBA Certified Development Company and U.S. (SKED) is an SBA Certified Development Company and U.S. Department of Treasury Community Development Financial Department of Treasury Community Development Financial Institutions Fund whose mission is to attract new investment Institutions Fund whose mission is to attract new investment and create jobs in a 45-county service area in Southeast and create jobs in a 45-county service area in Southeast Kentucky. Kentucky.
• Business RecruitmentBusiness Recruitment
• Direct LoansDirect Loans
• Small Business Technical AssistanceSmall Business Technical Assistance
Service AreaService Area
45-County Service Area
Business RecruitmentBusiness Recruitment
• Site SelectionSite Selection
• MarketingMarketing
• Financial PackagingFinancial Packaging
Marketing the RegionMarketing the Region
• Site SelectionMarketing
• Financial Packaging
SKED markets its 45-county service region through its extensive SKED markets its 45-county service region through its extensive website, website,
available building brochures, e-newsletters, annual reports and the available building brochures, e-newsletters, annual reports and the develop-develop-
ment of regional initiatives designed to address the needs of each ment of regional initiatives designed to address the needs of each community. community.
www.southeastkentucky.com
Direct Loan ProgramsDirect Loan Programs
• Micro Loan Fund Micro Loan Fund
(financing up to $50,000)(financing up to $50,000)
• Small Business Loan Fund Small Business Loan Fund
(financing up to $500,000)(financing up to $500,000)
• SBA 504 Loan ProgramSBA 504 Loan Program
(financing up to $5,000,000)(financing up to $5,000,000)
Micro Loan FundMicro Loan Fund
Project FinancingProject Financing Maximum Loan Size: $50,000Maximum Loan Size: $50,000 Minimum Loan Size: $500Minimum Loan Size: $500 Owners’ Equity: 10% of project Owners’ Equity: 10% of project
costcost
Eligible ProjectsEligible Projects Machinery and EquipmentMachinery and Equipment Permanent Working CapitalPermanent Working Capital
Loan TermLoan Term Six YearsSix Years
Technical AssistanceTechnical Assistance Free pre-loan and post-loan Free pre-loan and post-loan
technical assistancetechnical assistance
Small Business Loan FundSmall Business Loan Fund
Project FinancingProject Financing Maximum Loan Size: $500,000Maximum Loan Size: $500,000 Minimum Loan Size: $50,000Minimum Loan Size: $50,000 Owners’ Equity: 10% of project Owners’ Equity: 10% of project
costcost
Eligible ProjectsEligible Projects Land and BuildingLand and Building Machinery and EquipmentMachinery and Equipment Permanent Working CapitalPermanent Working Capital
Loan TermLoan Term Real Estate: 15 YearsReal Estate: 15 Years Equipment: 10 YearsEquipment: 10 Years Working Capital: 5 YearsWorking Capital: 5 Years
SBA 504 Loan ProgramSBA 504 Loan Program
What can the SBA 504 Loan be used for?What can the SBA 504 Loan be used for? Purchase of Land and BuildingsPurchase of Land and Buildings Construction of New FacilityConstruction of New Facility Purchase of Machinery and EquipmentPurchase of Machinery and Equipment
What is the Maximum SBA 504 Loan What is the Maximum SBA 504 Loan Amount?Amount? $5.0 Million for Regular 504 Loans$5.0 Million for Regular 504 Loans $5.5 Million for Manufacturing and $5.5 Million for Manufacturing and
EnergyEnergy
How is an SBA 504 Loan Structured?How is an SBA 504 Loan Structured? 50% Bank50% Bank 40% SBA40% SBA 10% Owner’s Equity10% Owner’s Equity
Small Business Technical Small Business Technical Assistance Assistance
• Business Plan/Cash Flow Business Plan/Cash Flow AnalysisAnalysis
• Structuring Financial Structuring Financial
IncentivesIncentives
• Partnering With Other LendersPartnering With Other Lenders
Entrepreneurial SMARTSEntrepreneurial SMARTS
12 hours training12 hours training
Start, finance, marketStart, finance, market a new businessa new business
Certificate of completion Certificate of completion
Southeast Kentucky EconomicSoutheast Kentucky Economic
Development CorporationDevelopment Corporation2292 South Highway 27, Suite 3402292 South Highway 27, Suite 340
Somerset, KY 42501Somerset, KY 42501
606.677.6100606.677.6100
www.southeastkentucky.comwww.southeastkentucky.com
