Despite the pandemic, Kentucky small businesses are resilient and determined

In my role as state director for the Kentucky Small Business Development Center, I saw effects of the pandemic on businesses in Kentucky up close — the good, the bad, and the ugly. Kentucky relies on 355,998 small businesses for 712,477 jobs, and many of these found themselves at risk amid a global catastrophe unlike any we’ve known.

What’s amazing, though not surprising, are the businesses that are thriving and starting despite the unique circumstances we find ourselves in today. It’s evidence of what I’ve long known to be true: Kentucky small businesses are resilient and determined.

For 40 years, Kentucky SBDC has existed to help entrepreneurs make the right strategic moves for their businesses. We help small businesses through any disaster—including COVID-19.

Over the past year, businesses have come to Kentucky SBDC hopeful for relief and a hand up as they treaded the murky waters of the pandemic. Our 33 business coaches helped 2,988 business owners understand the varied COVID-19 relief programs and funding options, locate participating lenders, and develop a plan for moving forward. We also helped businesses navigate supply chain issues, create a plan for moving operations online, or analyze cash flow to determine next steps.

Though some businesses have closed, it’s not the end of times many thought it would be. During the past program year, the Kentucky SBDC assisted clients in starting 267 new businesses despite the pandemic, and helped small business owners access over $74 million in financing. These represent traditional businesses, like restaurants and coffee shops, and new businesses that were started to meet the new needs coming out of the pandemic.

There has also been incredible innovation in existing businesses. Some businesses have always relied on their brick and mortar operations, but the virus pushed them to finally launch an online store, opening up a world of potential clients. Some discovered that their staff became more productive when they had the flexibility of working from home. It hasn’t been easy, but there is something to be said for the way business owners have been forced out of their comfort zones, taking new steps and embracing new technologies rather than growing stagnate.

We at Kentucky SBDC have also been challenged to act on ideas we had pre-COVID to expand the technology tools we provide to the Kentucky SBDC network. These tools are now allowing for improved virtual coaching options, impressive webinars and training, and a client/coach interactive business planning platform for virtual collaboration. We have had more than 12,000 webinar attendees since the pandemic began.

Times are challenging, but there is hope for small business employers in our economy. Whether it’s capital needed to get started or stay in business, or a whole new model for an operation, our coaches are available to help. Small businesses give so much to our communities: character, jobs, culture. At the Kentucky Small Business Development Center, we are committed to giving back.

Kristina Joyce is the State Director for the Kentucky Small Business Development Center, a network of 17 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high-quality, in-depth and hands-on services. Kentucky SBDC is funded, in part, through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of SBA. Kentucky SBDC is hosted by the University of Kentucky’s College of Agriculture, Food and Environment and supported by various partners statewide. For more information on Kentucky SBDC services, visit their website, www.kentuckysbdc.com