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NEWS FROM

AROUND THE REGION

SBA 504 Loan Rate

At 5.032% in November

The U.S. Small Business Administration (SBA) 504 loan program announces the availability of record low interest rates this month.

The current 20-year, full-term rate for November is 5.032%.

For more information about the SBA 504 Loan program CLICK HERE.

Region’s Entrepreneurs

Invited to Free Summit

A FREE Entrepreneurial Summit will be held Dec. 1 in Lexington, Ky. at the Embassy Suites Hotel.

Participants can learn about federal, state and local organizations which provide financing, marketing and other services to help start a small business.

This event is sponsored by Kentucky Small Business Development Centers; Kentucky Economic Development Cabinet and Bluegrass Area Development District.

Seating is limited, and pre-registration is required. Go to www.bgadd.org/bes to register. Deadline is Nov. 24.

For more info, contact George Leamon at Bluegrass ADD 859-269-8021 or gleamon@bgadd.org.

East Kentucky Entrepreneur’s Invention Distributed Nationally With the Help of SKED Small Business Loan

BUSY, KY - The next time you take a thrill ride on The Beast^TM at

Paramount’s Kings Island^TM remember this: the heavy-duty bolt fasteners used to hold the seats together were designed and manufactured at a small machine shop deep in the hills of East Kentucky.

From his shop nestled in the hollows of Perry County, Ky., Edwin Bowling oversees the completion of each of his patented Ultra-Lok^TM bolts before they’re shipped off to suppliers and customers around U.S. and used in all types of machinery. His business model is a simple one: produce the best product for the best price and keep your suppliers happy.

This mountain entrepreneur primarily responsible for the bolt’s design says there’s no better place to produce them. It’s where the idea was born and it’s where he’s happiest.

The Ultra-Lok^TM is a bolt specially designed to prevent or repair fastener failure due to vibration or loosening over time. The secret is a hollow space drilled into the bolt that collects the metal shavings rather than pushing them ahead of the bolt as its being screwed. Once installed, it’s the vibration resistant locking system that creates a weld-like joint.

“The fastener system achieves a metal-to-metal thread fit with no play or open space between the fastener threads and the grooves of the nut,” explains Bowling. “The metal shavings collect and are contained in the slotted region on the lead end of the fastener. As the bolt bores into the nut, the metal cuttings compact and increase the locking effect.”

Ultra-Lok^TM is currently a supplier to Partsmaster, located in Irvine, Texas, a number of mine supply companies in East Kentucky and the local NAPPA Auto Parts in nearby Hazard, Ky.

It was the need for additional inventory and working capital to fulfill a large and specific order with Partsmaster that led Bowling to Southeast Kentucky Economic Development Corporation (SKED) and its low-interest loan programs designed to help region’s small business owners.

SKED was able to provide a loan using funds from the U.S.D.A. Rural Business Enterprise Grant program and combine resources with its sister nonprofit economic development organization, Kentucky Highlands Investment Corporation (KHIC) based in London, Ky., to provide the funding. READ MORE

Taylor County’s INFAC Expanding Company to

Add Manufacturing Facility and More Jobs to Region

FRANKFORT, KY – Gov. Steve Beshear and Economic Development Cabinet Secretary Larry Hayes announce INFAC Corporation, a leading producer and worldwide supplier of mechanical cables and electronic components for the automotive industry, will add manufacturing capabilities to its distribution and sales center in Taylor County. The expansion will entail a $530,000 investment and will create an additional 20 jobs in the community.

“We are delighted INFAC Corporation has made the decision to further expand its Taylor County operation, creating new jobs and additional investment in the Commonwealth,” said Gov. Beshear. “The expansion of our existing industries is vital to the growth of our economy, so we are pleased to have played a role in helping another Kentucky business expand.”

The South Korean-owned company expects to begin manufacturing park brake cables and transmission control cables at its 52,500 square-foot facility, located in the Campbellsville Industrial Park, in the first quarter of 2010. INFAC Corporation, established in 1969 in Ansan, Korea, also operates seven manufacturing plants in Korea, China, India, Turkey and has affiliates in Japan and Europe.

"We are proud to expand our facility in Campbellsville as demand for our products grow with the North American market,” said Brian Bland, general manager for INFAC Corporation. “We appreciate the help from the Kentucky Cabinet for Economic Development and Team Taylor County. As a native of Campbellsville, Ky., has proven to be an excellent choice for both our initial location and expansion. Our hope is there will be additional expansions to follow.”

The Kentucky Economic Development Finance Authority preliminarily approved INFAC Corporation for up to $400,000 under Kentucky’s new incentive program, the Kentucky Business Investment Program. The incentives can be earned over a 15-year period through corporate income tax credits and wage assessments. The maximum annual amount to be earned by INFAC Corporation is approximately $26,666.

“I am very excited about INFAC Corporation's commitment to bring additional jobs to Taylor County,” said Ron McMahan, executive director of Team Taylor County. “We look forward to working with them as they continue to grow in our community.”

Two of SKED’s General Membership Elected to

KAED Offices at Annual Conference This Month

FRANKFORT, KY - The Kentucky Association for Economic Development (KAED) held elections and honored select members during their annual conference, held in Bowling Green last week. KAED proudly announces:

Newly elected officers

Chairman: Daryl Smith, Economic Development Executive, E.ON U.S., Lexington, KY (member of SKED Board of Directors)
Chairman-Elect: Jody Lassiter, President & CEO, Danville/Boyle County Economic Development Partnership, Danville, KY
Secretary/Treasurer: Kim Huston, President & COO, Nelson County Economic Development Agency, Bardstown, KY

Newly elected Board members

Lee Conrad, Hopkinsville-Christian County Economic Development Council, Hopkinsville, KY

Re-elected Board members

Hal Goode, Springfield-Washington County Economic Development Authority, Springfield, KY
Bruce Carpenter, Corbin Economic Development Agency, Corbin, KY (member of SKED General Membership)

Jody A. Lassiter of Danville/Boyle County Economic Development Partnership was the winner of the James J. Coleman Community Professional of the Year Award presented by East Kentucky Power. The award recognizes economic development practitioners who have made significant and/or innovative contributions to the field and their service area during the past year.

James O. Martin of Tennessee Valley Authority was the winner of the KAED Allied Professional of the Year Award. This award recognizes an individual from the utility, job training, construction, education, government and research areas who has made significant contributions to economic development.

Kimberly J. Solsbury of Commerce Lexington was the winner of the James Norris Gray Award for Professional Development. This award recognizes those economic developers who strive to keep abreast of the ever-changing field of economic development.

The KAED annual conference included discussions on Unraveling

Renewable Energy: Identifying Investment Opportunities from

Wind, Solar and Smart Grid, The Economic Development Derby:

What Does It Take to Field a Winner ... and Handicapping Kentucky's Chances and Incentives for a New Kentucky (INK) How It Stacks Up. Business leaders, state and local officials as well as KAED members attended the conference.

KAED is a private, non-profit association for economic development professionals and is Kentucky’s premier economic development association. Originally formed in 1967 KAED continues its mission to promote economic development and the economic development profession in Kentucky by providing relevant educational and training opportunities for its membership.

For additional information about this event or to learn more about becoming a member of KAED please contact Mike Mangeot, President/CEO at 502.227.9653, or visit www.kaedonline.org.

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