Kentucky Small Businesses have the opportunity to claim a tax credit of up to $25,000, but time is running out to include the credit on 2020 tax returns.

Through the Kentucky Small Business Tax Credit (KSBTC) program, small businesses need to apply in early November to secure their best chance of approval in time for this year’s tax filings. Tax credits are available to most companies that added at least one new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.

“Small businesses are an essential driver of our state’s economy, and we want every eligible company to have the best chances for growth and success,” said Ellie Puckett, deputy executive director of KY Innovation within the Kentucky Cabinet for Economic Development. “This program has long helped make that possible by supporting companies that add jobs and invest in their futures. During a time when many businesses need assistance, it’s even more important they participate, if they qualify. Kentucky is home to an incredible, diverse network of small businesses and we hope to see continued expansion in the years ahead.”

Qualifying small businesses may be eligible to receive a state income tax credit ranging from $3,500 to $25,000 per year. The tax credit amount depends on the number of jobs created and the amount invested in new equipment. Most for-profit businesses of 50 or fewer full-time employees qualify, including construction, manufacturing, retail, service and wholesale companies.

In 2019, the program incentivized the creation of 487 private-sector jobs and over $4.1 million in investments by 151 small businesses. On average, each participating company hired three people and received more than $10,000 in tax savings. Since inception, the program has assisted in creating over 2,800 jobs and $27 million in new investments.

KSBTC is a program of the Cabinet’s KY Innovation office, which encourages growth among Kentucky’s startups and small businesses. Other resources through KY Innovation include programs providing access to credit, mentoring and advocacy. Entrepreneurs and startups also can connect with multiple resources at Regional Innovation for Startups and Entrepreneurs (RISE) offices statewide.

To learn more about the Kentucky Small Business Tax Credit program or to apply, visit www.KentuckyTaxCredit.org or contact the Kentucky Cabinet for Economic Development at 800-626-2930.

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The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.CED.ky.gov. Follow the Cabinet at facebook.com/CEDkygov, on Twitter @CEDky.gov and LinkedIn.

Taylor Burchett, a fairly new resident of Owensboro, KY works as the Disaster Recovery Coordinator at GRADD. In this highlight, Taylor describes the multiple opportunities that Owensboro has to offer. 

Hser Wah, a young chef and a member of the Karen (pronounce KAH-ren) ethnic group of Myanmar has recently opened a new restaurant in Owensboro, Kentucky with the help of her family.

Hser Wah and her older sister Tee Moo, the spokesperson for the restaurant, moved with their family to a refugee camp just over the Thailand border in 2000. As young girls, they remained at the camp for 10 years before resettling in Owensboro in 2010 with help from the International Center of Kentucky.

“It was hard living there; there were no jobs,” Tee Moo said. “We moved straight to Owensboro. My whole family came here, and nobody has left. We don’t want to go anywhere else.”

The girls explained that it was a rough transition at first because everything in the United States was new to them, from the food to the weather to the language. 

“We started to go to school here,” Tee Moo said. “We learned in Thailand how to read and write some English, but the education was not like it is here in the United States. We couldn’t speak English at all, besides saying ‘hello’ and that was all we knew. There wasn’t anyone here who spoke both Karen and English, but there was someone at the International Center who spoke Burmese, which helped us a little bit in figuring everything out.”

Both girls graduated from Owensboro High School in 2014, and at the age of only 25, Hser Wah is realizing a lifelong desire to own her own restaurant

“When my sister was little in the camp over there, she loved to make money on her own by cooking stuff and selling it to people,” Moo said.  “That’s her dream, to cook for others and have her own restaurant. I’m not a cook, but I work here and watch my sister be successful living out her dream. I love it here, I love to work with her, and I’m so happy to see her success.”

While the Burmese population has grown in Owensboro, Wah said there wasn’t a Burmese restaurant, so she decided to open one herself. The sisters expressed their gratitude for the support they have received from their friends, family, and the Burmese community.

The menu at the Owensboro Karen Restaurant is a mixture of Thai and Burmese specialties.

To learn more about these independent sisters visit the Karen Facebook page here or visit them at the restaurant located at 7040 State Route 56, Owensboro, KY 42301, to enjoy their delicious meals.

Ken-tron is a national metal stamping and drawn wire company that was originally started in 1960, as Kentucky Electronics, to manufacture precision grid wire for receiving tubes. Metal stampings was added several years later with the concentration at that time on television gun parts. Since then, Ken-tron has diversified both product lines. Watch this highlight video to discover how Ken-tron produces wire for the aerospace, military, medical, and music industries.

Unique Granite & Marble has been building custom granite and quartz countertops for many years; however, the roots of the business run far deeper. Rick Thomas, the founder of Unique Granite & Marble founded ‘Rick Thomas Custom Building’ in 1991 and quickly earned a reputation as the premier home building company in the Owensboro area. Thomas’ company did concrete, framing, tile, trim work, and even built custom cabinets for each home. Thomas’ stated that he employed some of the most talented craftsmen in the region, many of whom still work for Unique Granite & Marble today.

As granite and marble became more affordable in the late 1990s and early 2000s Thomas’ team began to install stone in many homes. As homebuilders, they would cringe when customers wanted to put granite in their home – only because there was no local source for granite. Many customers would have to travel two to three hours to select their stone and find a fabricator. The granite would often arrive on the job site weeks late and with subpar results. In early 2002, Rick Thomas made a hefty investment in granite tools and decided to fabricate granite for future homes. 

Soon, they were fabricating stone for other area builders and cabinet makers. Before long, they were ready to make the move from custom home building to full-time custom-countertop fabrication. Unique Granite & Marble formed in 2004 with the help of family, friends, and coworkers. The company has risen from humble beginnings to become the area’s largest fabricator of custom stone countertops. As a company they have embraced technology to deliver outstanding quality. Unique Granite & Marble also features the largest fabricator-owned slab yard in the region. 

Check out this video to see Unique Granite & Marble in action!

The Brew Bridge is Owensboro’s first brewery in over 100 years! David Haynes and the rest of his teams entrepreneurial spirit and dedication brought our community locally brewed craft beer, along with the biggest patio in Owensboro! Watch this video to discover all of the activities they plan to provide for their customers to enjoy. 

Owensboro continues to emerge into a city that attracts business investment, visitors, and residents from all over the globe. The Greater Owensboro Economic Development Corporation believes that by supporting our local economy and working to attract a diversified workforce, we will add resilience and vitality to our existing industries, which will result in the enhancement of our community.

Take a look at a snapshot of the 2019-2020 fiscal year, by accessing the link below.  We thank you for your continued support in the Greater Owensboro Economic Development Corporation and we are looking forward to the opportunities ahead in 2020-2021 and beyond. 

The $1.9 million project of lighting the bridge is near completion and Owensboro residents are anxious to see the results. Groves Electrical Services mounted the transformer, has ran thousands of feet of conduit, hooked up the lights and made updates to the computer system, which will control the color schemes.

Groves completed the west-facing side of the bridge in mid-September and has diligently been working the past two weeks to complete the side facing east.

One “test run” of lighting the bridge has taken place and it looks like the projects is right on track to be completed by the middle of October.

The community is excited about this project and has shown great support and City of Owensboro has announced that a grand celebration to set it off will take place when the project is finalized.