Eastern Kentucky SBDC Expansion

Scope of Work – Kentucky Small Business Development Center The Kentucky Small Business Development Center (KSBDC) office in Paintsville, KY is applying to receive $15,000 from Truist Financial to pay for a business coach based in Paintsville. The business coach would provide no-cost coaching, consulting, advising, counseling, and training services to start-up businesses, existing businesses, and entrepreneurs. The KSBDC business coach acts as an important extension of our economic development team to assist Paintsville 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 Paintsville businesses in a non-traditional way. This partnership provides technical assistance that may not otherwise be available. Agreement Highlights: • Stakeholder Application – The submitted application will outline the partnership and Truist Corporation’s $15,000/year match to fund a full-time business coach in Paintsville (including full salary, training, equipment, and access to resources). This match will be counted towards CORE (account 3200004585). • KSBDC will provide a scorecard that will be reported back to Truist Financial, 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.