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Minority Business Development

Lexington is an increasing diverse community and continuously seeks to be a community where members of minority groups can thrive in business. There are many minority businesses in Lexington and we strive to encourage their growth and stability. Minority Businesses interested in doing business with LFUCG should first visit the Central Purchasing page to register their company and receive information about bidding opportunities, commodities list, bid calendar and minority business list.

 

Certification:

 

When organizations proactively work to do business with minority companies, it is very important to know if the company is actually a minority company. Therefore, another very helpful step for Minority Businesses to take is to be recognized as a Certified Minority Owned Business. The Tri-State Minority Supplier Development Council is one organization serving the Lexington area that facilitates certification.

To become certified, visit the Council's website.

 

Minority Business Expo:

 

One of the signature events held by the Lexington Fayette Urban County Government is the Minority Business Expo (MBE). This annual event has grown in size each year and recently has drawn approximately 400 attendees. This year, the MBE will be held July 31 - August 1 in the Lexington Convention Center.  For more detailed information, visit www.lexingtonMBE.com.

Other organizations involved in Minority Business Development:

The challenges of starting a business can be overwhelming. Occasionally, all that is needed to help entrepreneurs realize success is access to critical information. In a community the size of Lexington, Kentucky, it is important to know all the resources in the community that can provide assistance.  The following organizations are actively engaged in supporting minority business development in Lexington:

 

National Diversity Solutions

Commerce Lexington

 

Community Ventures Corporation

Commonwealth of Kentucky 

 

 

RESOURCES:

 

Finance or Capital

Access Loan Program:

The Access Loan Program is a program administered by Commerce Lexington that provides an opportunity for Minority Businesses to gain access to capital through a consortium of financial institutions.  To learn more about the program, visit the webpage here or contact:

Tyrone Tyra
Commerce Lexington
330 E. Main Street
Suite 205
Lexington, KY 40588
(859) 254-4447

 

Contract Lending:

The Contract Lending Program offered by Community Trust Bank facilitates growth of emerging businesses by extending capital based on anticipated business. For more information about this program, please contact:

Larry Forrester
Community Trust Bank
100 E. Vine Street
Lexington, KY 40507
(859) 389-5350 

 

Kentucky Small Business Development Center:

The Small Business Development Center (SBDC) is a member of the Bluegrass Business Development Partnership and provides assistance with development of business plans, overall questions regarding training opportunities through workshops, and small business loans. Any small business, whether minority owned, Women Owned, or not, can contact the Small Business Development Center located at Commerce Lexington for assistance in any of these areas.

For more information on how the Kentucky Small Business Development Center can be of assistance, please contact our local Bluegrass SBDC at the information below:

Shirie Mack
Bluegrass SBDC
330 East Main Street
Suite #210
Lexington, KY 40507
(859) 257-7666
www.ksbdc.org

Small Business (Micro) Loans :

Loan proceeds can be used to buy machinery, equipment, furniture, inventory, and supplies, and provide working capital. Real estate purchases, development or substantial improvements are not eligible. The Small Business Administration (SBA) Intermediary Relending Program makes loans up to $35,000 for start-up or existing businesses. For more information on Small Business Micro Loans, please contact:

James D. Coles
Community Ventures Corporation
1450 N. Broadway
Lexington, KY 40505
(859) 231-0054
http://www.cvcky.org/smallbusinessfinancing.html

 

Other helpful sites include:

Commonwealth of Kentucky - http://www.thinkkentucky.com/kyedc/helpfullinks.aspx

 

Last updated: 6/12/2014 2:37:44 PM