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Mission Statement

Mission Statement.

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Mission Statement

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  1. Mission Statement The Southeast Kentucky Economic Development Corporation (SKED) is an SBA Certified Development Company and U.S. Department of Treasury Community Development Financial Institutions Fund whose mission is to attract new investment and create jobs in a 45-county service area in Southeast Kentucky. • Business Recruitment • Direct Loans • Small Business Technical Assistance

  2. Service Area 45-County Service Area

  3. Site Selection • Marketing • Financial Packaging Business Recruitment

  4. www.southeastkentucky.com • Site Selection • Marketing • Financial Packaging SKED markets its 45-county service region through its extensive website, available building brochures, e-newsletters, annual reports and the develop- ment of regional initiatives designed to address the needs of each community. Marketing the Region

  5. Micro Loan Fund • (financing up to $50,000) • Small Business Loan Fund • (financing up to $500,000) • SBA 504 Loan Program • (financing up to $5,000,000) Direct Loan Programs

  6. Project Financing • Maximum Loan Size: $50,000 • Minimum Loan Size: $500 • Owners’ Equity: 10% of project cost • Eligible Projects • Machinery and Equipment • Permanent Working Capital • Loan Term • Six Years • Technical Assistance • Free pre-loan and post-loan technical assistance Micro Loan Fund

  7. Project Financing • Maximum Loan Size: $500,000 • Minimum Loan Size: $50,000 • Owners’ Equity: 10% of project cost • Eligible Projects • Land and Building • Machinery and Equipment • Permanent Working Capital • Loan Term • Real Estate: 15 Years • Equipment: 10 Years • Working Capital: 5 Years Small Business Loan Fund

  8. What can the SBA 504 Loan be used for? • Purchase of Land and Buildings • Construction of New Facility • Purchase of Machinery and Equipment • What is the Maximum SBA 504 Loan Amount? • $5.0 Million for Regular 504 Loans • $5.5 Million for Manufacturing and Energy • How is an SBA 504 Loan Structured? • 50% Bank • 40% SBA • 10% Owner’s Equity SBA 504 Loan Program

  9. Business Plan/Cash Flow Analysis • Structuring Financial Incentives • Partnering With Other Lenders Small Business Technical Assistance • Entrepreneurial SMARTS • 12 hours training • Start, finance, market a new business • Certificate of completion

  10. Southeast Kentucky Economic Development Corporation 2292 South Highway 27, Suite 340 Somerset, KY 42501 606.677.6100 www.southeastkentucky.com

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