In July, Amy Adkins began pursuing her dream of business ownership and visited a local bank to discuss her financial needs. The lender referred her to Kim Jenkins, management consultant at Morehead State University’s Ashland Small Business Development Center.
The SBDC has provided free small-business consulting services in downtown Ashland for nearly 30 years. It serves Boyd, Greenup, Carter, Elliott and Lawrence counties.
Adkins planned to open a Chickabiddy Frozen Yogurt franchise in Louisa. During her sessions with Jenkins, they discussed loan options and loan requirements/criteria, and she was provided outlines, information and worksheets to begin drafting a business plan and financial data for SBDC review.
They calculated her start-up costs, including the franchise fee, remodeling/renovations, inventory, equipment/machinery and working capital. In the weeks that followed, Jenkins worked with her to develop and finalize a business plan, three-year financial projections and loan proposal to start the shop. Adkins then returned to her lender fully prepared to pursue financing.
She was approved for SBA financing, and the grand opening of Amy’s Chickabiddy was on Nov. 29. Her yogurt shop has created six jobs.
“The Ashland SBDC was heaven sent. Kim Jenkins was absolutely wonderful to work with,” Adkins said. “She kept me updated throughout the process and helped me submit my loan proposal to the bank. The best part is the SBDC services are free. If you need business start-up and financing advice, I highly recommend Kim.”
For more information about SBDC, call (606) 329-8011.