Kentucky is famous for its bourbon, horse races, and coal. About 4,000 Kentuckians work distilleries, 1,300 in horse ranching, with 11,000 in coal mining. Manufacturing being one of Kentucky’s biggest economy, making up 18.3 percent the states gross domestic product (GPD). According to the business rank, Kentucky fell in the middle on most our metrics. Small businesses in Kentucky are the foundation of our state’s economy. How does socio-economic, geographic, fiscal policy, educational and competitive environment benefit within Kentucky small businesses. Socio-economic defines the quality of life in society. They strengthen values, fuel products, lifestyles of all individuals and service innovation. Education, income, and occupation are the parameters of socio-economic. Education provides the tools to our society resulting in skilled and knowledgeable employees that are required within jobs and professions. Society depends on the availability and accessibility of education. When you have a society with a well-educated population, you see the economy rise around you. Education helps determine the skilled workforce seeking employees for small business.
Income is the money earned from your daily economic activities, it being from employment, to your small business investments. …show more content…
Small business typically does not have financial statements to provide a lending service. Therefore, a bank looks at credit worthiness from existing loans. Banks use technological data gathering and risk assessment to reduce the importance of the geographical between lenders and small businesses. Geographic gives small business concern to identify the problems, challenges, and success of a small business. Example: A small company may need financial aid to expand their business but do not have the extra revenue to spare, they go to a bank for finance help. Kentucky has incentive loans for small
Income is the money earned from your daily economic activities, it being from employment, to your small business investments. …show more content…
Small business typically does not have financial statements to provide a lending service. Therefore, a bank looks at credit worthiness from existing loans. Banks use technological data gathering and risk assessment to reduce the importance of the geographical between lenders and small businesses. Geographic gives small business concern to identify the problems, challenges, and success of a small business. Example: A small company may need financial aid to expand their business but do not have the extra revenue to spare, they go to a bank for finance help. Kentucky has incentive loans for small