Shows major impact on state and federal economy
LEXINGTON, Ky., (Jan. 5, 2017) – The Kentucky Small Business Development Center significantly contributed to the state and federal economy during the 2014-15 fiscal year, according to an independent study conducted by James J. Chrisman, professor of management, Mississippi State University. The study was completed in June 2016 and shows that small businesses working with the center increased sales and employment figures at a greater percentage than an average business in Kentucky. KSBDC clients increased sales by 14.4 percent versus 3.8 percent, and increased employment levels by 15.1 percent compared to 1.5 percent.
Other findings from the Chrisman study:
- KSBDC clients created 1,156 new jobs.
- For every dollar invested in the program, $2.63 returned to the economy.
- For every dollar invested in KSBDC counseling services, $9.47 returned to the economy.
- KSBDC clients obtained $58.9 million in financing.
- KSBDC clients increased incremental sales in Kentucky by $108.4 million.
- KSBDC clients generated $8.55 million dollars in state and federal tax revenue.
- Clients gave KSBDC staff a 4.7 on a 5-point scale for knowledge and expertise.
- Clients recommended KSBDC services 98 percent of the time.
“KSBDC staff work very hard to serve Kentucky small businesses. We are very proud of the results of this independent, third-party research and are very pleased with the impact produced by our network,” said Becky Naugle, state director.
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/.
Writer: Roberta Meisel , 859-257-7668
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.