Kentucky was given a ‘B-minus’ last year
FRANKFORT, Ky. (June 24, 2014) — Thumbtack, in conjunction with the Kauffman Foundation, has given the commonwealth an “A” rating in its annual Small Business Friendliness Survey. Kentucky scored a “B-minus” last year, making the commonwealth the most improved state in the small business survey.
“Kentucky recognizes that small businesses are the backbone of our economy,” said Gov. Steve Beshear. “That’s why we’ve focused on developing innovative programs and offering dynamic services to help these growing companies every step of the way. It’s no surprise we’re producing great results.”
To assist Kentucky’s small businesses, the Kentucky Cabinet for Economic Development created the Office of Entrepreneurship last year to enhance the state’s existing efforts to help businesses at every step of the growth cycle. Assistance can range from funding initiatives, marketing and sales assistance, small business advocacy and resource referrals, along with a variety of financial and incentive programs to encourage investment and job growth. All services are provided free of charge.
The office also oversees the Kentucky Innovation Network, a statewide network of 13 offices which helps entrepreneurs at any stage – whether it is just starting with an idea to already having an established business – and works with them to plan, build and launch their business.
In addition to the commonwealth’s small business friendliness ranking, The Kauffman Foundation Index places Kentucky fifth in the nation for entrepreneurial activity over the past two years. Also, according to the most recent data from the U.S. Bureau of Labor Statistics, Kentucky ranks first among all states for percentage growth of new business establishments.