Southeast Kentucky Economic Development Corporation (SKED) and the Kentucky Small Business Development Center (SBDC) have received a $300,000 grant from the Truist Community Catalyst Initiative to increase access to childcare services for low- and moderate-income families, with a focus on small businesses throughout Kentucky.
The Kentucky SBDC Childcare Initiative is a statewide project that will leverage the resources and expertise of the Kentucky SBDC, combined with SKED’s proven training framework, to design and implement new programs that support the growth and sustainability of childcare providers, enabling them to grow and meet the needs of the commonwealth’s most needy children.
This is SKED’s first funding partnership with the Kentucky SBDC and one that will develop new projects, train small business owners and provide more childcare options to the caregivers of children across the commonwealth for years to come.
“We are thrilled and deeply grateful for the generous grant from the Truist Community Catalyst Initiative, which empowers SKED and our partners at the Kentucky SBDC to spearhead the Kentucky SBDC Childcare Initiative,” said SKED Small Business Training Director Amanda Kelly. “This statewide endeavor fills us with excitement as we pioneer innovative programs, ensuring the growth and sustainability of childcare providers. This grant fuels our passion to create lasting economic impacts in the Commonwealth of Kentucky.”
“The Kentucky SBDC is excited to work in partnership with the Southeast Kentucky Economic Development Corporation, through the grant provided by the Truist Community Catalyst Initiative, to help benefit small businesses operating in the childcare sector across Kentucky,” said Kentucky SBDC State Director Kristina Joyce. “With this support, the Kentucky SBDC is committed to delivering targeted assistance to entrepreneurs in the childcare industry.”
“We aim to provide them with the essential resources to help them grow and thrive. We recognize the critical role that childcare services play in our communities, supporting both working parents and early childhood development. Through this partnership, we are not only bolstering the childcare industry but also strengthening the backbone of Kentucky’s economy -our small businesses. Together, we will create a more prosperous future for Kentucky.”
The initiative aims to support and collaborate with the core childcare partners in Kentucky, including the Prichard Committee for Academic Excellence, Childcare Aware of Kentucky, and the Family Childcare Network of Kentucky. Collaborating with these partners, the initiative will improve the economic well-being of the commonwealth’s children and the availability of childcare services.
The program will address these issues by expanding the number of childcare spots and supporting individuals in opening their childcare businesses. It also aims to enhance the quality of existing childcare facilities, improving kindergarten readiness and benefiting both children and parents in Kentucky.
Some of the assistance this initiative will offer childcare providers includes Start-up Support, Financial Management, Operations and Compliance, Marketing and Enrollment, Training and Professional Development, Early Childhood Education, Health and Safety, and Business Skills Enhancement.
The Truist Community Catalyst Initiative is a three-year program that supports local initiatives with statewide impact, funded by the Truist Charitable Fund, a donor-advised fund administered by The Winston-Salem Foundation.
“It cannot be overstated the importance that the childcare industry plays in the success of children’s development, as well as the current and future state of Kentucky’s workforce by enabling parents, especially mothers, to participate,” said Calvin Barker, Tri-States regional president for Truist. “Our grant to SKED and the Kentucky SBDC will provide the training and skills coaching that entrepreneurs and small business owners need as they enter and expand a critical industry for our state.”
About SKED
SKED is a 37-year-old nonprofit Community Development Financial Institution that services 45 counties in Southern and Eastern Kentucky. A team of 10 professionals works with business owners, both small and large, to identify financing solutions that fund their location, expansion, and working capital needs. They also provide the necessary business counseling and training to help them succeed.
About Kentucky Small Business Development Center
The Kentucky Small Business Development Center (SBDC) has been assisting the commonwealth’s small business community for over 40 years. With centers statewide and an experienced and knowledgeable staff, the Kentucky SBDC provides unparalleled business coaching and training services at no cost to help existing business owners and potential entrepreneurs start, grow and succeed.
Kentucky SBDC services include one-on-one business coaching, training workshops, access to market research, loan packaging help, assistance with financial projections and information needed to make informed business decisions.
Kentucky SBDC is co-sponsored by the U.S. Small Business Administration and is administered by the University of Kentucky Martin-Gatton College of Agriculture, Food and Environment in partnership with regional academic institutions, economic development organizations, the private sector and the Commonwealth of Kentucky.
About the Truist Charitable Fund
The Truist Charitable Fund (“TCF”) is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives. TCF was established as a donor-advised fund and is administered by The Winston-Salem Foundation. TCF invests in local community organizations, focusing on grants that support initiatives and programs in the areas of education, leadership development, career pathways, small business, and community services. To learn more about Truist’s purpose, visit https://www.truist.com/who-we-are/about-truist
