Small businesses in Kentucky will be received a boost from grant money.
Small businesses are considered the core of the economy. In fact, Kentucky has 339,747 small businesses that employ 69, 175 employees. That accounts for over 49% of all the state’s private-sector jobs. There are also 270,572 small businesses with one-person operations. This shows how these small businesses impact the lives of the Kentuckians. However, as the crisis hit the world, small businesses were the first ones to be affected. Many have closed their doors temporarily while the others were forced to shut down.
There was a need for financial support to ensure that they keep operating and serving the people of Kentucky. Louisville, Kentucky has offered grant money to these business owners since July though the Metro Government’s Smal Business COVID-19 Relief Grant Program. The fund aimed to help prevent business closure due to the pandemic and preserve jobs and businesses in Louisville.
Relief grant for businesses
At the time of writing, the city has raised over $12.7 million for 350 small businesses in the city. Mayor Greg Fischer said that small businesses are the heartbeat of the city’s economy – they pay tax revenues, provide jobs, and they shape the city’s character. It is imperative to give these stores the financial aid and other necessary support they need.
The program has already approved 800 applications and requests range from $1,500 to the maximum grant of $50,000. With the fund, businesses can lease store mortgages, fix costs on debts or business insurance, or pay their employees. The grant can also be used to invest in technology for the stores’ transition to e-commerce.
Importance of business insurance
This pandemic is unprecedented and something that most, if not all businesses anticipate. Running a business is no child’s game, it doesn’t only involve money but the lives of people you employ. Employees and customers will be affected by the growth or the downfall of a business.
It is important for businesses to ensure that in whatever situation they face, they will keep operating. Insurance exists for that reason – to protect an organization in case of mishaps that will endanger its operation. Protecting the business means protecting yourself, your family, and other people working for you. Business insurance is also required by the law for workers’ compensation, disability and unemployment, and other state-required insurances.
Here are the types of business insurance.
- Professional liability insurance – this is type is also called errors and omissions (E&O) and protects the business from negligence claims.
- Property insurance – this insurance can be used for leased or owned business property and covers equipment, inventory, furniture in case of fire, storm, or theft. Check out the common issues in your area to know the type of policy you need.
- General liability insurance – this type protects the businesses from liability claims including accidents while on the job, damage to someone’s property caused by the business, or personal and advertising injury claims.
London Insurance Agency offers a variety of policies for businesses and provides outstanding service to ensure that your needs are met. The agents are connected with multiple insurance agencies to give you the options to choose from. They will help you make the right decisions by giving you the options specific to your business.
Call now at +606-864-5152 or +606-528-5151.