SKED Partnership 2024

Scope of Work – Kentucky Small Business Development Center The Southeast Kentucky Economic Development Corporation, Inc. (SKED) is establishing a partnership with the Kentucky Small Business Development Center (KSBDC) to pay for business coaches that would provide no-cost coaching, consulting, advising, counseling, and training services to start-up businesses, existing businesses, and entrepreneurs focused on childcare. The KSBDC business coaches act as an important extension of our economic development team to assist childcare businesses with technical assistance, advising, counseling, and training to reduce business closures, and help businesses grow. KSBDC coaches can work with childcare 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 childcare businesses in a non-traditional way. This partnership provides technical assistance that may not otherwise be available. Agreement Highlights: • Stakeholder Agreement – The signed agreement will outline the partnership and the SKED’s $240,000/year match to fund full-time business coaches (including full salary, training, equipment, travel, and access to resources). This match will be counted towards CORE (account 3200005306). • KSBDC will provide a scorecard that will be reported back to the SKED, 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.