CORE 2022: Kentucky State University Match to the 2021-2022 SBA Grant for SBDC

Scope of Work – Kentucky Small Business Development Center Kentucky State University is establishing a partnership with the Kentucky Small Business Development Center (KSBDC) to pay for a business coach based in Frankfort that would provide no-cost coaching, consulting, advising, counseling, and training services to start-up businesses, existing businesses, and entrepreneurs. This is a 50/50 cost-share arrangement. The KSBDC business coach acts as an important extension of our economic development team to assist Frankfort businesses with technical assistance, advising, counseling, and training to reduce business closures, and help businesses grow. A KSBDC coach can work with businesses one-on-one on business plan development, financial projections, and other technical details that are sensitive or confidential. Securing this partnership leverages partnerships and provides additional services to Frankfort businesses in a non-traditional way. This partnership shares the cost 50/50 and provides technical assistance that may not otherwise be available. Agreement Highlights: • Stakeholder Agreement – The signed agreement will outline the partnership and Kentucky State University’s $50,000/year match to fund a full-time business coach in Frankfort (including full salary, training, equipment, and access to resources). This match will be counted towards CORE 2022. • KSBDC will provide a scorecard that will be reported back to Kentucky State University, including total clients served, jobs supported, new business starts, capital infusion, number of coaching hours, number of training events, number of training attendees, success stories, and many other data points.