FRANKFORT, Ky. (Aug. 29, 2016) – Kentucky small businesses can see how easy it is to apply for state programs that spur growth during any one in a series of training courses across the Commonwealth arranged by the Cabinet for Economic Development.
“These training courses, scheduled across the state in connection with local Kentucky Innovation Network offices, give small businesses a chance to learn about programs aimed at helping them succeed,” said Erik Dunnigan, the Cabinet’s acting secretary. “Kentucky’s small businesses are vital to its economy and employment base. Our Cabinet encourages their growth through programs that meet their specific needs.”
The courses will focus on the Kentucky Small Business Tax Credit program and the Kentucky Angel Investment Tax Credit program. Companies with 50 or fewer full-time employees may qualify for between $3,500 and $25,000 through the Small Business program. By applying before Nov. 1, small businesses may be eligible for approval in time to use the credit in their 2016 filings.
Those interested in attending one of the free training courses should register with the location’s contact listed below. Lunch will be provided.
London Kentucky Innovation Network
Aug. 30
Noon -1 p.m.
440 Old Whitley Rd.
London, KY 40744
(859) 806-8258
Melissa@kyinnovation.com
Ashland Kentucky Innovation Network
Aug. 31
Noon -1 p.m.
Ashland Community & Technical College
Goodpaster Room 202
1400 College Dr.
Ashland, KY 41101
(606) 922-2678
mick@kyinnovation.com
Richmond Kentucky Innovation Network
Sept. 1
Noon -1 p.m.
Central Bank Community Room
350 West Main St.
(859) 622-8571
kristel@kyinnovation.com
Pikeville Kentucky Innovation Network
Sept. 6
Noon -1 p.m.
University of Pikeville Coleman College of Business
2nd Floor Boardroom
118 College St.
Pikeville, KY 41501
(606) 218-5053
Justin@kyinnovation.com
Owensboro Kentucky Innovation Network
Sept. 7
Noon -1 p.m.
Owensboro Commerce Center, 3rd fl.
200 East 3rd St.
Owensboro, KY 42303
(270) 926-4339
joe@kyinnovation.com
Lexington Kentucky Innovation Network
Sept. 14
11:30 a.m. - 1 p.m.
330 East Main St.
Lexington, KY 40507
(859) 257-6871
eric@kyinnovation.com
Covington Kentucky Innovation Network
Sept. 15
11:30 a.m. - 1 p.m. (time may change)
632 Russell (address may change)
Covington, KY 41011
(859) 292-7791
casey@kyinnovation.com
Certified public accounts who attend a course will receive a certificate for one hour of CPE credit.
To qualify for Small Business Tax Credit program, a small business must have created and maintained at least one eligible full-time job and purchased $5,000 or more in qualifying equipment within the last 24 months. The tax credit amount depends on the number of jobs created and the amount invested in equipment.
Last year, the tax credit program incentivized the creation of a record 364 private-sector jobs and $3.63 million in investments by 140 small businesses. On average, each participating company hired 2.6 people and received $8,856 in tax savings. Since inception, the program has assisted in creating nearly 700 jobs and $7.5 million in new investments.
Courses will also cover the Kentucky Angel Investment Tax Credit program. Through that program, qualified angel investors can receive up to a 50 percent tax credit on eligible investments made in qualified small businesses.
Guidelines and application forms for the Small Business Tax Credit program are available at www.KentuckyTaxCredit.org. More information about the Angel Investment Tax Credit program is available at www.thinkkentucky.com/kaitc/. Both are among the many ways the Cabinet’s Office of Entrepreneurship encourages growth in the state’s startups and small businesses.
Other Office of Entrepreneurship resources include programs providing assistance for international trade and market development, access to credit, mentoring and advocacy. As well, through its Kentucky Innovation Network, entrepreneurs and startups can connect with multiple resources at offices statewide. Learn more about the Office of Entrepreneurship here or by calling 800-626-2930.