LEXINGTON, Ky. — Having identified financial literacy as way to entrepreneurship, Commerce Lexington is providing the Money $mart for Small Business program at no cost for aspiring entrepreneurs and existing small business owners.
Growing local financial literacy During the pandemic, business formation applications reached all-time high levels both in Kentucky and Fayette County, according to the U.S. Census Bureau. That trend has continued here locally with even higher numbers of business formations over the last two years. Starting a business can be daunting and overwhelming for a lot of people who may not be knowledgeable about all the aspects of managing a business.
This six-week program developed jointly by the Federal Deposit Insurance Corporation (FDIC) and the U.S. Small Business Administration (SBA) kicks off Monday, October 2, at 5:30 p.m. in Commerce Lexington’s recently renovated conference space (330 E. Main Street). Subsequent classes will continue each Monday evening at 5:30 p.m. through November 6 and will present an introduction to different topics related to starting and managing a small business. Food will also be provided for the classes.
Money $mart classes are taught by Dale Morgan, president & CEO of Foundation47, a financial literacy organization. Some of the modules include planning for a healthy business, types of business structures, banking services available, time management, and more.
“We are excited to be able to provide these valuable classes at no cost to business owners and entrepreneurs across our community and region,” said Commerce Lexington SVP of Community & Minority Business Development Tyrone Tyra. “It’s very important that business owners consider all available information about the proper ways to operate and manage a business, so that they start off on the right foot and learn how to manage growth.”