March 24, 2020 4:04pm
GLI urges the KY General Assembly to fully fund SBDC to help small businesses
Today, GLI urged lawmakers in Frankfort to prioritize funding for Kentucky’s Small Business Development Center in the biennial state budget. “As the General Assembly continues its important work on Kentucky’s biennial budget, GLI urges lawmakers to maintain full funding for Kentucky’s Small Business Development Center, or SBDC. As the COVID-19 pandemic continues to disrupt the Commonwealth’s economy, SBDC has stood at the frontlines of supporting entrepreneurs and small business owners, ” said GLI President & CEO Sarah Davasher-Wisdom in a letter to legislative leaders.
SBDC leverages state support to acquire $1.7 million in federal funds and has 10 offices throughout the Commonwealth, including one in Louisville. Under ordinary times SBDC already provides invaluable services to Kentucky’s small business community. In partnership with the U.S. Small Business Administration, they provide free one-on-one business consulting to help Kentuckians start and expand businesses. A report from last year found that SBDC clients generated $88.6 million in incremental sales and 1,927 new jobs that they attributed to SBDC counseling assistance. The incremental performance of clients yielded approximately $10 million in tax revenues; $5.2 million in state taxes and $4.8 million in federal taxes.
In the past few weeks, SBDC has continued this important work but has also taken on the daunting task of helping small businesses access emergency federal funding and save their businesses and livelihood from ruin. As this crisis continues and (hopefully) as more federal funds become available, SBDC will become increasingly more vital to protecting Kentucky’s economic foundation: our small businesses.
In 2018, GLI successfully championed full funding for SBDC after cuts were proposed. This hard work paid off, and GLI is committed to ensuring full funding in the state’s forthcoming 2020-2022 budget.