Please join Governor Steve Beshear and The KY Cabinet for Economic Development in announcing the opening of Community Ventures Corporation's Bowling Green office.

CVC's new office will provide access to capital to new, small and expanding businesses around the Bowling Green region.

When:

Tuesday, April 6th, 2010
10:30 AM CDT

Where:

Bowling Green Area chamber of Commerce
710 College Street
Bowling Green, KY 42101

Open House immediately following the press conference.

Community Ventures Corporation
923 College Street
Bowling Green, KY 42101

Lexington, KY - After six months of trying to get his no-contract-required wireless retail business off the ground, Michael Fields could see the loan rejections coming.

"I went through the drill," said Fields, who decided to launch his own business venture after being laid off from AT&T in 2008. "I got up every morning, went to banks and got denied."

That was before Fields started working with Community Ventures Corporation (CVC). Now, thanks in part to two microloans obtained through the CVC, Fields' Georgetown retail store, No Strings Wireless, will celebrate its second anniversary in July.

"I really didn't know what the banks were looking for," Fields said. "CVC helped me understand, learn and write the financials that the banks want to see."

As a tough economy has tightened available credit for many small business owners like Fields, CVC has stepped in to fill the void. In a typical year, the organization averages about 60 to 80 SBA microloans, which are capped at $35,000. In 2009, that number rose to 270, representing more than 12 percent of all loans issued in this category nationwide.

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"I think that points to the entrepreneurial spirit in Kentucky," said Kevin R. Smith, president and CEO of Community Ventures Corporation. "It also points to the economy and the tightening of credit with the banks. ... The smaller, high-risk loans aren't easy for the banks to make anymore."

As a result, Community Ventures Corporation was recognized as Kentucky's 2009 SBA Lender of the Year, an honor the CVC has claimed nine times in the last 11 years.

"This year, when you take our loan activity ... and you compare it to all of last year, both in number of loans and dollar amounts, we are exceeding last year," said Phil Danhauer, chief of the finance division of the U.S. Small Business Administration's Kentucky district office. "We use (CVC) as a model of success for our microlenders, ... both here in Kentucky and throughout the United States."

In addition to the Lender of the Year honors, the SBA district office also recognized Emmanuel Smith, CVC's director of business development for Lexington, as Kentucky's All Star Lender of the Year.

Smith, who is in his third year of employment with the CVC, said that a lack of necessary funding is one of the biggest challenges facing today's small businesses. Building personal relationships with business owners has been an essential component of his success.

"I just don't treat them as a client," Emmanuel Smith said. "I try to get to know them as a person."

That close relationship can be helpful, he said, especially in consideration of the steep learning curve that can be required for today's small business owners, including those with experience and those new to business ownership.

"A lot of small business owners think they understand the market, but they don't," Emmanuel Smith said.

His clients said they appreciate his efforts to understand where they are coming from, along with his straightforward attitude.

"You can talk to him candidly," Fields said. "It's nice when you're at this point and you can talk to someone as a real person."

The training and technical assistance offered by CVC is one of the strategies the organization uses to help manage its risk, Kevin Smith said.

That kind of guidance has helped small business owners Russell Cantrell and Robert Miller take their barbecue business, Stop and Go Barbecue and Catering, from the backyard to a Richmond restaurant location.

Cantrell and Miller, who funded the venture primarily with their own money, secured roughly 10 percent of their initial capital through the CVC. They also benefited from classes and business training offered by the organization, Miller said.

Stop and Go has weathered the tough economy by diversifying into catering and delivery, and they have expanded their menu of pulled pork, beef brisket and ribs with lighter fare such as smoked turkey, Miller and Cantrell said. They hope eventually to expand their location from its current 15 seats up to about 30.

"No bank is helping small businesses these days," Cantrell said. "That's why Community Ventures has taken off."

The increase in microloans has required the CVC to take on more risk than usual, Kevin Smith said. While the organization has tightened its own requirements a bit, Smith said its board also has recognized the need to fill a crucial financing gap, in spite of the added uncertainty.

"It's times like these that organizations like ours are made for," he added. "If we don't step up to the plate, no one else can."

And the microloans are not the only financing tools available through the CVC, Kevin Smith said. The organization offers funding options at various levels, including the SBA 504 program, which offers loans up to $2 million and New Markets Tax Credits that can provide funding of up to $20 million.

One of the worst mistakes that can be made, according to Kevin Smith, is to get an entrepreneur into business and then undercapitalize them. However, he pointed out, most entrepreneurs who walk through the CVC's doors, especially those without business plans, ask for too much money initially. Working with them to set realistic expectations and get a satisfactory business plan in place is the organization's main mission; the loan programs are simply a tool used to get them there.

"It's very much a negotiation all the way through, including the loan," he said.

Overall, Kevin Smith said, the central Kentucky market is still ripe for entrepreneurship. One upside of the current economic situation has been that fewer business owners are walking through their doors with the burden of heavy credit card debt used to finance their businesses.

"This past year has weeded out the credit bandits," Kevin Smith said.

Fields, who hopes one day to take his wireless retail concept nationwide, recommends that new business owners develop a thick skin very quickly.

"Whatever it was that made you want to start the business, hold onto that," Fields said, because small business owners typically meet a lot of doubt and adversity along the way. "I had a lot of people telling me this wasn't going to happen."

(Lexington, KY) Community Ventures Corporation has added several professionals to the staff over the past few weeks. New hires include:

Keysha Cuyler was promoted to Director of Homebuyer Education and Counseling. Ms. Cuyler served as senior housing specialist prior to her promotion.

Robert "Bob" Heil, was promoted to Director of Small Business Development - Louisville. Mr. Heil served as a Business Development Specialist at CVC's Louisville regional office.

Micci Murrell serves as CVC's Director of Communications. Her professional background includes Cumulus Broadcasting, Ivy Walls Management Company, the Lexington Legends, and the National Conference for Community and Justice.

Jason Nuetzman, Executive Vice President - Bowling Green, previously worked with state and local government. Mr. Nuetzman plans to create opportunities for small business and larger industries in Bowling Green and neighboring counties.

Emmanuel Smith, Director of Small Business Development - Lexington, was promoted. Mr. Smith served as the Senior Business Development Specialist in CVC's Lexington office.

Michael Terry, Senior Mortgage Loan Officer, comes to CVC from Fifth Third and Republic Banks. He will be responsible for mortgage lending, primarily to first time homebuyers. Mr. Terry also serves on the city's commission for looking into disparities in lending based on race.

John Williamson, Director of Product Innovations, will be leading the national rollout of several products. He is the system architect of Community Ventures Corporation's eHome America platform and is also the owner of Uvestor, LLC, an online real estate software tool that allows every real estate business to easily organize documents, expenses and business activity

Lexington, KY - Community Ventures Corporation announced today that beginning in March, their new small business entrepreneur graduates will have access to desktop computers and the Internet through a partnership with Innovative Productivity, Inc. IPI, a non-profit organization (501(c)3) provides innovative technology-enhanced services and solutions for national defense, business, and work force customers.

CVC, through its Jump Start program makes capital available to community entrepreneurs with feasible ideas and businesses who cannot initially access funds through traditional sources. ‘This is a great partnership for us to engage in', stated Kevin R. Smith, President and CEO. ‘With the opportunity to couple our business and financial training with computer equipment and technology training, we can put together successful plans to grow our small business community.'

Laura K. Frankrone, IPI Training Coordinator shared that ‘All of our desktops are Pentium IV, multimedia systems, running Windows XP, and Windows Office suite.  They have 1 GB memory and 40 GB hard drive.  They come with the following: 17" color monitor, keyboard, mouse, power cords, speakers, installed modem, installed sound card, and they are configured to Juno (free Internet provider).  They come with the software licenses and a 90 day warranty.'

Graduates of Jump Start will be able to purchase the computer, software and web access at a very low cost. Through an arrangement with CVC, computers will be delivered through their seven regional offices.

Community Ventures Corporation offers classes to entrepreneurs interested in starting their own businesses.
For more information about access to small business capital and other services offered by Community Ventures Corporation, contact CVC at any of their seven community-based offices.

Community Ventures Corporation is headquartered in Lexington with offices in Bowling Green, Campbellsville, Frankfort, Henderson, Louisville and Paris. Interested parties may contact any of the offices or call 1-800-299-0267 for immediate connection to their local office. Additional information may be found at www.CommunityVenturesCorporation.org.

Lexington, KY - Keep Valentine's Day alive all year! Community Ventures Corporation urges Kentucky homeowners to show their homes a little TLC (tender loving care) with several tips that will help homeowners "love" their homes through preventive maintenance, repairs, and cost-effective improvements.

"Even in today's economy, a home is likely a homeowner's largest investment. It pays to protect it and create a safe, healthy, enjoyable space for your family," said Kevin Smith, President and CEO of Community Ventures Corporation, a member of the national NeighborWorks network.

Community Ventures Corporation suggests homeowners perform preventive maintenance such as routine checks and repairs that not only improve a home's appearance and functionality, but may also prevent more expensive damage from occurring at least once each season. In today's economy, a little preventive maintenance can go a long way in terms of saving money that would otherwise go toward more costly repairs down the road.

Preventive maintenance activities include:

• Begin a preventive maintenance journal. Record every activity in the journal so you can keep track of what you have done, when, and how much it cost.
  
• Keeping a home maintenance record will help you keep your home running like clockwork.
  Inspect your home's roof, basement, and outside walls for any potential leaks and/or insect damage.
• Inspect doors and windows for unusual wear and tear.
  
• Repair and replace caulking, weather-stripping, glazing, and window and door seals as needed.
  
• Inspect insulation and replace any wet or damaged pieces.
  
• Clean debris from gutters and downspouts.

(January 12, 2010 - Lexington, KY) Community Ventures Corporation has been notified that it has been successful in its efforts to increase resources for small businesses in 71 counties in Kentucky. The $750,000 loan fund, granted by the US Small Business Administration, will be available to qualified business owners.

Community Ventures Corporation (CVC) will provide access to these funds through its seven offices across the state. ‘In this time where employment opportunities are critical to recovering from our current financial downturn, small businesses are on the forefront of bringing jobs back', stated Kevin R. Smith, President and CEO of Community Ventures Corporation. ‘We all know that job creation is the way out of our current economic situation, and these funds are a welcome resource for our urban and rural communities in building long-term, sustainably business presence and jobs'.

Community Ventures Corporation will provide training, technical assistance and entrepreneurial support to business owners interested in starting a business or growing a business. Loans will be available from $500-$35,000. Businesses will be expected to have or create a business plan that can be supported with credible expectations for success and repayment over time.

Community Ventures Corporation is headquartered in Lexington with regional offices in Bowling Green, Campbellsville, Frankfort, Henderson, Louisville and Paris. Interested parties may contact any of the offices or call 1-800-299-0267 for immediate connection to their local office. Additional information may be found at www.cvcky.org.

Lexington, KY - Spent too much at Christmas? Trying to avoid a sneak peek at your savings balance? During the holidays many consumers overextend themselves as a matter of tradition. While we pledge to get physically fit each New Year, consumers would also benefit from becoming financially fit as well. This year, give yourself and your loved ones the gift of financial education at Community Ventures Corporation.

Community Ventures Corporation, a member of the national NeighborWorks® network, offers personal finance courses that teach residents better money management skills that can help put them on the path to decreasing debt and increasing resources, creating more financially fit consumers throughout the year.

U.S. households carry an average of $8,700 in credit card debt, says the Federal Reserve. Financial education helps families learn the financial management and planning skills needed to make the most of their income, savings, and assets. It can also help consumers become more aware of common pitfalls, including scams and predatory lending practices, and how to avoid them. Community Ventures Corporation's financial course provides credit literacy to participants and covers all aspects of basic credit and money management.

"Financial education is a critical need both for consumers and for our community," said Kevin R. Smith, President and CEO of Community Ventures Corporation. "Being financially fit consumers is the key to building wealth - regardless of income. For any community in Kentucky, financial education can continue to promote stronger and more stable neighborhoods in our area."

For more information about personal finance courses and other services offered by Community Ventures Corporation, contact Community Ventures Corporation at any of their seven community-based offices.

Community Ventures Corporation is headquartered in Lexington with offices in Bowling Green, Campbellsville, Frankfort, Henderson, Louisville and Paris. Interested parties may contact any of the offices or call 1-800-299-0267 for immediate connection to their local office. Additional information may be found at www.cvcky.org.