154.10.070 Initiation of new programs. - Kentucky Statutes

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154.10-070 Initiation of new programs. (1) The board shall have authority to direct the cabinet to initiate any new programs that it deems appropriate, including, but not limited to:
(a) A seed-stage financing program to provide seed-stage financing to innovative growth-oriented, emerging, and small Kentucky firms as distinguished from
seed-capital financing by the level of risk and return associated with the
investment; (b) An applied research and development finance program to provide matching grants to Kentucky's industries and universities to conduct applied research of
strategic importance to Kentucky's economy. If this program is created, the
cabinet may contract for its administration with the Kentucky Science and
Technology Council, Inc.; (c) A government permitting and expediting program to assist businesses in expediting government permits and regulatory requirements; (d) A surety bonding program to provide bonding assistance for small businesses in the form of education of the bonding process, bond waivers, and the
creation of a bond fund; (e) A Kentucky export authority to utilize the services of the Kentucky World Trade Center, university export trade programs, and export programs provided
by other agencies within a context to provide financial assistance to Kentucky
exporters through the financing of accounts receivable, letters of credit, and
loan guarantees, and the use of commissioned sales agents in foreign
countries; (f) A flexible enterprise networks program to encourage and enable Kentucky firms to apply competitive management practices, modernize, and effectively
compete in national and international markets; (g) An economic response network to collect data on the needs of existing businesses in order to determine if a particular business or business sector is in
trouble and about to fail or relocate, or is contemplating major expansion
within Kentucky. The purpose of the program would be to assist the cabinet in
developing responses to suit specific needs of Kentucky businesses and
industries; (h) A Kentucky technology service to integrate, broker, and deliver technology and related business services primarily to small- and medium-sized Kentucky
firms. The service would fulfill its mission by brokering firms to the best
possible existing public, private or university expert, by consulting directly
with firms when no expert is available, and by coordinating seminars on
technologies, management practices, and issues of competitive importance to
Kentucky firms; (i) A multimedia center to develop teleconference capabilities and other specialized marketing presentations for the use of state agencies and regional
economic development centers and communities. The center would support
Kentucky's marketing efforts, enhance the state's image of being progressive, and provide marketing and informational support to communities throughout
the state; (j) A community preparedness program to develop a list of criteria to identify those communities which are prepared to accommodate significant new or
expanding businesses, to identify deficiencies of those communities which do
not meet the criteria, and to provide assistance to those communities to
eliminate their economic development deficiencies.
1. Areas in which criteria would be developed to identify communities'
preparedness, would include, but not be limited to: infrastructure, site
availability and conditions, environmental conditions, workforce,
education, business and community support, housing, and health care. 2. Communities having deficiencies should meet the stated criteria through
assistance from readily available regional and local facilities and
institutions; and (k) A marketing assistance program to assess the resources of communities and to assist them in marketing and promotional efforts. Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 414, sec. 21, effective July 15, 1998. -- Created 1992 Ky. Acts ch. 105, sec. 9, effective July 14, 1992.