Kentucky Business Loans

Kentucky, “The Bluegrass State” has historically been primarily focused around agriculture, the state’s economy is expanding and there are more opportunities for other industries to succeed. Although Kentucky is home to Fortune 500 companies such as Kindred Healthcare, Humana, INOAC USA and Lexmark, small businesses are the heartbeat of the local economy. SMB Compass specializes throughout Kentucky in providing business financing to a wide range of industries.

The manufacturing industry is vital to Kentucky, providing a large amount of jobs and revenue for the local economy. Manufacturing loans in Kentucky allows business owners to purchase inventory and cover overhead expenses as the business continues to grow. There are a lot of material purchases and upfront expenses that manufacturers have to deal with. It is crucial that businesses can keep up with purchase orders to fulfill their client’s needs in a timely manner. Small business loans and equipment financing in Kentucky provide businesses with financing for machinery, equipment, and added expenses that aren’t accessible based on their current cash flow.

The tourism industry in Kentucky is booming and hotels and restaurants are benefiting with added revenue for their businesses. Visitors from around the country flock to the state for major sporting events such as the world-famous Kentucky Derby. Hotel and restaurant loans in Kentucky allow businesses to cover expenses and continue to expand. The University of Kentucky and The University of Louisville both have some of the premier college athletic programs in the country, which attracts visitors to the state for big games. Fans help boost the economy by supporting local hotels, restaurants, and buying tickets and merchandise. Sporting events are not the only attraction for Kentucky, “My Old Kentucky Home” is a large and popular national park attraction that tourists from all around the country visit. A business loan in Kentucky can also be used to consolidate existing debt, by lowering payments and putting more working capital back into the business.