NWKF is in Olomouc, Czech Republic, this week! We have a sister region relationship with the Olomouc region and have been invited to participate in their “Partner Days” events this week. Along with the greater Green River Region, the Olomouc region partners with similar size regions from France, Serbia, Finland, Hungary, and Poland. In addition to meetings on economic development, we will all be participating in a trade and industry show be sponsored by the City of Olomouc.
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The 2010 PEAK Microenterprise Conference will take place tomorrow in Bowling Green, Kentucky and much is to be celebrated. PEAK (Partners for Entrepreneurial Advancement in Kentucky, Inc.) is a statewide, nonprofit organization supporting economic development through the growth of microenterprise development agencies and microenterprises, especially those located in rural and economically challenged areas. Such small businesses play a vital role not only Kentucky’s economy but the nation as a whole.
This year’s conference will recognize “standout” microenterprises throughout the state of Kentucky who demonstrate growth in sales, increase in employees, community involvement, and successful achievements. The 2010 PEAK Microenterprise of the Year nominees epitomize every Kentucky Congressional District (except for one) included our own, Rebecca Jo Goodman from Mind’s Eye Studio in Morganfield.
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Northwest Kentucky Forward is moving right along. Our first quarter ratings have been excellent and we are proud to announce the following recordings;
While the unemployment rate in Kentucky is 10%, the Northwest Kentucky region’s unemployment rate is 9.1%. Beyond that, Henderson, McLean, Union and Webster counties are creating new jobs in their communities; just within the first quarter, Northwest Kentucky Forward’s existing business program has assisted companies with expansions that could create up to 300 new jobs. Moreover, $16 million were invested in capital return and nearly $2 million granted in state tax incentives. If those numbers were not impressive enough, Northwest Kentucky Forward is working with 12 prospective companies looking to invest into the area.
Northwest Kentucky Forward is hosting a luncheon and training session tomorrow at the NWKF office, for the USDA Rural Development which announced a few weeks ago that NWKF is one of two regions in Kentucky which has been selected to participate in the “Stronger Economies Together” (SET) program, which is a major initiative aimed at promoting regional economic development. The SET program is designed to help regional teams develop new approaches to strengthen and enhance regional economic development activities. The program provides an opportunity for current or newly formed multi-county teams to receive the latest tools, training, and technical assistance to help their region move forward and take advantage of positive growth and quality of life opportunities. USDA Rural Development, in partnership with the University of Kentucky Cooperative Extension Service, will be implementing the program in the selected regions.
The selected regions will receive the following: 1) Valuable intensive strategic planning training for their regional team, including the newly developed “Stronger Economies Together” program, a program designed to help your regional team develop new approaches to strengthen and enhance regional economic development activities; 2) Database tools specifically designed to help the regional teams examine the critical drivers of their region and identify emerging growth sectors and regional competitive advantages; 3) Technical assistance and educational support from the Southern Rural Development Center, Rural Development staff, and University of Kentucky Cooperative Extension Service staff; and 4) Other educational and information-sharing opportunities with other SET program participants around the country.
We are excited to be recognized by RDA and look forward to participating in this innovative program.
Want to know what we have been up to this month. Here is a glimpse of a few events we hosted and a few projects we are working on:
http://www.northwestky.com/enewsletter/investor/2010-09-14.html
Know someone who is thinking of starting a small business? Encourage them to attend the Small Business & Entrepreneurial Connections Forum at Owensboro Community & Technical College on 12 August. The event is free and includes lunch. The event will start at 9 am and run until 3 pm.
NWKF takes Small Business seriously. Anytime someone is interested in starting or expanding a small business, they can contact Sue Gibbens in our office for free counseling and access to financing.
To register for the event, please click here.
The Northwest Kentucky Forward Annual Report for FY 09–10 (year ending 30 June 2010) is now available. Among the highlights are the following:
- Major Reinvestment at Rio Tinto Alcan;
- Location of software developer IWT;
- 150 project leads
- 22 active projects
- 100% visitation of all qualified existing businesses
- 9 expansions
- $2 million for training
- 35 Jumpstart and Micro-loans
- 42 new business start-ups
- Next Rally4Education scheduled for 6 November.
The Tri State’s lead economic development organizations (LEDOs) hosted the Regional Doing Summit last week at the Southern Indiana Career and Technical Center. The event brought Tri State community leaders together to design new and improved economic development networks to support each region. Nearly 40 people were in attendance including Mayors, Chamber of Commerce Professionals, University Presidents, etc.
The Summit was conducted by Purdue University’s Regional Economic Development Advisor, Ed Morrison. Mr. Morrison had the attendees select a round table discussion, topics ranging from logistics and infrastructure to talent and innovation. Each group focused on a strategic plan relating to their round table topic. The following questions were conversed: 1) What could we do as a Tri State project 2) What are assets and opportunities people bring to the table 3) Define an opportunity and characteristics of the outcome 4) Define the topic project with milestones and create a 30 Day Action Plan.
The Summit was the initial step of what is to come in the future. At this moment, each group has set a prospective meeting date to discuss on-going plans.
Community Ventures Corp, the entrepreneurship partner of Northwest Kentucky Forward, has recently been awarded an additional $750,000 for its microloan pools. This award includes funding for the Northwest Kentucky Microloan Fund.
CVC provides entrepreneurial counseling, assistance, and loan funds to help individuals start businesses in Northwest Kentucky and in offices throughout the state. CVC has been a national leader in both microlending, SBA 504s, and New Market Tax Credits.
Northwest Kentucky Forward’s entrepreneurship effort, a partnership with Community Ventures Corporation, has literally helped hundreds of people considering starting a small business in the last two years. This week, the program helped a new manufacturer launch with the closing of a loan to assist their start-up.
Wood Creations, Inc, based in Livermore, KY, received counseling services from Sue Gibbens, CVC’s point person in the NWKF office. Sue helped the company put together their business plan and then helped them secure a loan through the regional Microenterprise Loan Fund.
To learn more about this success story and the opportunity to bring jobs to McLean County, click here.
