Press Releases

Baker Retires From SKED Board of Directors After 18 Years of Service Cox

SOMERSET, Ky. – Laurel County native and Delta Natural Gas District Manager Gerald Baker has retired from the Southeast Kentucky Economic Development Corporation (SKED) Board of Directors, after serving 18 years consecutively.

During his years of volunteer service with the 25-year-old nonprofit economic development organization, Baker served as secretary, vice-president and president of SKED.

The Somerset-based organization, serves 42 counties in Southeast Kentucky. Baker represented the Corbin/Whitley County area.

He was honored by the SKED Board of Directors in January with a service plaque of distinction. He was also awarded a Hal Rogers Difference Maker Award from U.S. Congressman Hal Rogers. Baker is pictured with SKED Executive Director Greg Jones.

Bradley Hired as SKED’s New Small Business Training Specialist Cox

SOMERSET, Ky. – An East Kentucky native and entrepreneur will draw from her own successes and failures as a small business owner, operating in one of the region’s toughest job markets, to train and guide some of the region’s aspiring small business owners in her new role as SKED’s Small Business Training Specialist.

Pat Bradley, a Whitesburg native, joined the SKED staff earlier this month. Bradley has much valuable experience in SKED’s 42-county service area, having served previously as associate vice president and director of arts and culture outreach at the Center for Rural Development in Somerset. For the past two years, she’s worked as an independent consultant assisting nonprofit organizations and small businesses in areas such as business management, strategic planning, fundraising, workshops, training seminars, and event creation and implementation.

But it’s Bradley’s experience in the business world that she will pull from when working with aspiring business owners in her position with SKED. She established her own business earlier in her career - a small independent record label where she produced and distributed recordings of folk and bluegrass music. In addition, Bradley has served as executive director of two nonprofit organizations, includingAFIM (an international trade association for independent music companies) and the Mountain Arts Center(a performing arts venue in Prestonsburg, Ky.)

It’s the culmination of all of these experiences that give Bradley a unique perspective into the mind of anentrepreneur and the struggles he or she may face when working to make their small business dreams a reality.

“Now more than ever our region needs the economic stimulation that small businesses provide. I’ve always recognized the fact that these small businesses are the backbone of economic development,” Bradley said.

“SKED has been providing support for new business development and small business expansion for several years. I’m excited to have the opportunity to join the team at SKED in helping entrepreneurs throughout Southeast Kentucky follow their dreams of successfully establishing and operating their own businesses, contributing to the economic growth and the creation of jobs throughout our region.”

Bradley will work with entrepreneurs and established small business owners in organized classes and provideone-on-one follow-up and technical assistance services that will increase the management capability of the recipients; helping them to strengthen and grow their businesses.

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CDFI Award Will Help SKED Offer Entrepreneurs New Skills Cox

SOMERSET, Ky. – Southeast Kentucky entrepreneurs have a new resource to learn skills that will ensure their small business dreams come true, thanks to Southeast Kentucky Economic Development (SKED) and the U.S. Department of the Treasury.

SKED was awarded $97,995 in funding from the Treasury’s Community Development Financial Institutions Fund this month. SKED will use the funding to provide one-on-one technical assistance to small business owners across the region.

SKED is among 155 Community Development Financial Institutions (CDFIs) sharing $142.3 million. CDFIs serve economically distressed rural and urban communities across the nation. SKED serves 42 counties in Southeast Kentucky.

“Every community deserves to have access to basic financial products and services, from bank accounts to affordable home and car loans. The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities,” said Deputy Treasury Secretary Neal Wolin. “Today’s awards will provide much-needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans.”

SKED will use a portion of the $97,995 to hire a Small Business Training Specialist. This new specialist will work with entrepreneurs and established small business owners in organized classes and provide one-on-one follow-up and technical assistance services that will increase the management capability of the recipients; helping them to strengthen and grow their businesses.

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SKED and USDA Partner to Create Jobs in East Kentucky Cox

SOMERSET, Ky. - Southeast Kentucky Economic Development Corporation (SKED) will continue to provide technical assistance to entrepreneurs and create new employment opportunities in East Kentucky, thanks to funding from the U.S. Department of Agriculture.

SKED will use the $150,000 USDA Rural Business Enterprise Grant (RBEG) to provide technical assistance to entrepreneurs in 22 counties by helping them start, stabilize and grow successful businesses. The technicalassistance will include: business readiness assessments, consulting and counseling, loan packaging and resource and referral.

A minimum of 75 news jobs will be created with the funding by working with small business owners and entrepreneurs in the following counties: Bath, Bell, Clay, Breathitt, Estill, Floyd, Harlan, Johnson, Knott, Lawrence, Lee, Leslie, Letcher, Magoffin, Martin, Menifee, Morgan, Owsley, Perry, Pike, Rowan, and Wolfe Counties in Kentucky.

Rural Development State Director Tom Fern said the agency is proud to work with great strategic partners like SKED to support local projects that create jobs and improve economic conditions in rural communities.

“The Rural Business Enterprise Grant funds will be effectively utilized to help rural businesses and entrepreneurs obtain the technical assistance they need to thrive, grow and create jobs,” said Fern.

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Corbin Banker Elected SKED President in 2011

Cox

SOMERSET, Ky. - Hometown Bank President and CEO Tim Barnes will lead the Southeast Kentucky Economic Development Corporation (SKED) Board of Directors for the next two years. The Corbin resident was installed as the nonprofit economic development organization’s president at its April meeting.

Assisting Barnes in SKED’s oversight during the next two years are the three remaining members of the SKED Executive Committee: Shirley Gifford, CPA, vice-president; Ben Sams, Windstream Com-munications account executive, secretary; and Darryl McGaha, Lake Cumberland ADD workforce development director, treasurer.

Corey Craig, Citizen’s Bank of Mount Vernon was inducted as the organization’s newest director in April. He replaces Jim Johnson, of McCreary County, who stepped down from the Board in March.

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Wayne County Native Honored for 25 Years of Consecutive Service to SKED SAIC

SOMERSET, Ky. - A Wayne County native and well-known community leader was honored for his 25 years of consecutive service to a regional nonprofit economic development organization he helped found in 1986.

Hundreds of supporters from across Southeast Kentucky gathered at The Center for Rural Development in April to celebrate Southeast Kentucky Economic Development Corporation (SKED) and its 25 years of service to the region. Paul Dunnington was honored by Fifth District Congressman Hal Rogers at the event as one of the organization’s founding officers and for his longtime service to the region. Rogers presented him with the Hal Rogers Difference Maker Award.

“Paul has been a loyal leader and visionary for economic development in Southern and Eastern Kentucky,” said Rogers. “New industry and thousands of jobs have been added to our rural region over the last 25 years, thanks to his dedication as a trusted advisor to SKED, along with the leadership of the board of directors.” Read More

SKED Celebrates 25 Years of Service at Anniversary Luncheon SAIC

SOMERSET, Ky. - Hundreds of supporters from across Southeast Kentucky gathered at The Center for Rural Development Wednesday to celebrate the Southeast Kentucky Economic Development Corporation (SKED) and its 25 years of service to the region.

Community and business leaders, local, state and federal funding agency representatives gathered to reflect on SKED’s history and celebrate the nonprofit economic development organization’s growth and accomplishments during the past two and a half decades. Read More

SKED Awarded $52,500 Bank of America Grant to Assist Small Businesses Cox

SOMERSET, Ky. – Southeast Kentucky small business owners are benefiting directly from a Bank of America small business program designed to spur micro lending nationwide. Southeast Kentucky Economic Development Corporation (SKED) was awarded a $52,500 grant from Bank of America in January for use as loan loss reserves that will make it possible to access $350,000 in loan capital from the U.S. Small Business Administration (SBA) micro lending program.

SKED ramped up its micro lending in 2010, assisting 14 small business owners in starting or expanding their businesses by investing $450,000 through its direct loan funds. These entrepreneurs invested some $840,000 back into the region, created 16l news jobs and retained 30.5 more.

“Helping strengthen small businesses and new start-up companies stimulates job creation and is critical to our nation’s economic recovery,” said Charles R. Henderson, Jr., senior vice president for Bank of America. “That is why it is critical to think innovatively and pursue every resource possible that helps small businesses grow. Bank of America is empowering these entrepreneurs by directing private sector capital to unlock exponentially greater amounts of federal dollars for their businesses.” Read More

SKED Awarded $750,000 Grant from U.S. Department of the Treasury

SAICSOMERSET, Ky. - U.S. Congressman Hal Rogers (KY-05) has announced that the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund has selected Southeast Kentucky Economic Development Corporation (SKED) to receive a $750,000 award.

SKED will use this award to make financing available to local businesses and continue to generate new job growth opportunities throughout the region.

“SKED is a lifeline for so many small business entrepreneurs and executives working hard to expand and create tomorrow’s careers for the people of Southern and Eastern Kentucky,” said Rogers. “Whether a local business is seeking technical support, investment funds for new equipment, or financial backing, this award will go a long way toward renewing confidence in our local economy. I applaud SKED and the Treasury Department for investing in our communities and providing an opportunity for economic development.”Read More