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APPLICANT

Southeast Kentucky Economic Development

Total Qualifying Score: 5
County (ARC Region): Yes
State (ARC Region): Yes
Q3. IRS Status: Nonprofit – 2
Q4. Parent Entity: No – 1
Q5. 2 or More Full-Time Employees : Yes (as of 12/31/2019)
Q7. Budget Level: Above $1.5 million up to $3 million – 2 (Last Fiscal Year Actual Income)
Q8. Restricted Reserves: Yes – 0
Q9. CARES Act Funding: Yes – 0
Q13. Participation by Executive: Yes


CONTACT & LOCATION INFORMATION

Southeast Kentucky Economic Development
Somerset, Pulaski County, Kentucky 42501
606-677-6102
Email
www

County (ARC Region) Pulaski
State (ARC Region) Kentucky


ORGANIZATIONAL & FINANCIAL INFORMATION

Q1. Mission:

The Southeast Kentucky Economic Development Corporation’s mission is to improve the quality of life and vitality of our service area by promoting sustainable economic development and employment opportunities with creativity, professionalism, and integrity in collaboration with local, state, and federal partners.

Q2. How organization aligns with ARC’s Plan & Goals:

SKED provides small business lending to new and expanding businesses of all sizes throughout our 45- county service territory of Southern and Eastern Kentucky. We couple this lending activity with business training and technical assistance. We’ve developed innovative training programs that help entrepreneurs start and grow their business enabling them better understand how to be successful. This training and resources range from our entrepreneurial SMARTS, Be Boss Online and Supplier Education & Economic Development (SEED) programs. 

Our work with growth oriented businesses throughout the region sets the stage for job creation and economic growth.

Q3. IRS Filing Status: 501(c)(3)   

Q4. Unit or Chapter of Larger Organization: No

Q5. Employees:

Full-Time/Part-Time Employees: 8/1 (as of 9/1/2020)

Full-Time/Part-Time Employees: 8/1 (as of 12/31/2019)

Current Year Income/Expenses: $3,137,557/$2,426,190

Q6. Fiscal Year: July-June

Q7. Budget Level

Last Fiscal Year Income/Expenses (Actual): $2,794,965 / $2,563,888

Current Year Income/Expenses (Projected): $3,137,557 / $2,426,190

Q8. Restricted Reserves (Amount): Yes ($616,393)

Q9. CARES Act Funding (Amount): Yes ($1,040,00)
Received From: EDA   Date Received: July 1, 2020
For What Purpose(s): RLF and Business Technical Assistance

Q10. Negative Impacts from COVID-19:

It has been difficult to adjust to working remotely for staff and even in two different offices as we work now. We have stretched to provide technical assistance to our borrowers and making a modifications for them. Plus, our regularly scheduled trainings and events have been put on hold or changed.

Q11. Top Three Concerns:
Future of business prospects of loan clients and their ability to repay.
Future funding & support.
Providing the right programmatic support to businesses and communities throughout our region.

How Participation in Program Will Address Concerns:

SKED is one year into a capitalization/growth plan. I’m looking at this program to help me find non-federal sources for funding for SKED. This includes creating a stronger long-term financial picture for the organization with more diversified funding streams.


COHORT INSTRUCTION

Q12. Applying as a Proposed Cohort? No

Q13. Executive Director or CEO Will Participate in the Program? Yes

Q14. Top Two Choices for Cohort Instruction:

Course #1 Choice: 1-Fundraising

Course #2 Choice: 2-Long-term Financial Management

Q15. Desired Course Schedule for Cohort Instruction:

#1 Desired Course Schedule: 1-Fall 2020: 6-Week Course (Nov. 9, 2020 – Dec. 18, 2020)

#2 Desired Course Schedule: 2-Fall 2020: 11-Week Course (Nov. 9, 2020 -Jan. 24, 2021)


APPLICATION SUBMITED BY:

Name: Brett Traver Traver, Executive Director

Application Approved by Organization Director or CEO? Yes, Approved by Executive Director/CEO

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