McLean County Judge-Executive Edward West, along with the Kentucky Small Business Development Center and Murray State University, will host "The Basics of Starting a Business" at the McLean County Public Library from 6 to 8 p.m. on Sept. 10.
The presentation is free and will feature speaker Lois Decker, the director of the Murray State University Small Business Development Center. Joanna Shake will also speak about financial aspects of starting a new business, according to West. Shake is the associate director of the Green River Area Development District's Economic Development Department.
The presentation will focus on basic start-up information for new businesses, a business plan overview to present to banks for financing, and will also include a questions and answers segment.
"Depending on what you're going to do, you might have special regulations that you have to adhere to so we try to go through the basic information and just briefly go over a business plan," Decker said. "For most businesses, they need some type of financing, so a bank or lending institution wants to have that in front of them before they make their decision."
Business plans are important, Decker said, to help potential entrepreneurs plan ahead and decide whether they are financially prepared to open a business. Additionally, it helps entrepreneurs to catch and address many potential problems before starting a business.
Shake will speak on how potential entrepreneurs can go about looking for funding and resources to start up their business. Shake said that since GRADD is funded through the Economics Development Administration, they are able to provide financial assistance to small business owners.
"It's called GRADD's revolving loan funds ... and it's funded through EDA ... but it's just one of the services that we provide to small business startups or expansions just to help entrepreneurs get started with their business," Shake said. "It's a low-interest loan program ... 4.13 percent is our interest rate."
West said that he hopes that the presentation will encourage people to take initiative and lead to more small, local businesses opening up and filling empty storefronts to help move McLean County forward. He said he wants to be able to provide market needs locally rather than people having to seek goods and services outside of the county.
"There's never been a better time to start a small business, a lot of people always have it in the back of their head," West said. "We have a lot of things people need and people buy on a daily basis that they could open up a store and buy it here themselves."
McLean County will also host a job fair in the near future as part of the initiative to bring more businesses and job-related opportunities into the county, West said.
Anyone interested in attending the "The Basics of Starting a Business" presentation need to register online at www.ksbdc.org or call 270-926-8085 prior to the event.