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154.10.070 Initiation of new programs.

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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: <br>(a) A seed-stage financing program to provide seed-stage financing to innovative growth-oriented, emerging, and small Kentucky firms as distinguished from <br>seed-capital financing by the level of risk and return associated with the <br>investment; (b) An applied research and development finance program to provide matching grants to Kentucky's industries and universities to conduct applied research of <br>strategic importance to Kentucky's economy. If this program is created, the <br>cabinet may contract for its administration with the Kentucky Science and <br>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 <br>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 <br>by other agencies within a context to provide financial assistance to Kentucky <br>exporters through the financing of accounts receivable, letters of credit, and <br>loan guarantees, and the use of commissioned sales agents in foreign <br>countries; (f) A flexible enterprise networks program to encourage and enable Kentucky firms to apply competitive management practices, modernize, and effectively <br>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 <br>trouble and about to fail or relocate, or is contemplating major expansion <br>within Kentucky. The purpose of the program would be to assist the cabinet in <br>developing responses to suit specific needs of Kentucky businesses and <br>industries; (h) A Kentucky technology service to integrate, broker, and deliver technology and related business services primarily to small- and medium-sized Kentucky <br>firms. The service would fulfill its mission by brokering firms to the best <br>possible existing public, private or university expert, by consulting directly <br>with firms when no expert is available, and by coordinating seminars on <br>technologies, management practices, and issues of competitive importance to <br>Kentucky firms; (i) A multimedia center to develop teleconference capabilities and other specialized marketing presentations for the use of state agencies and regional <br>economic development centers and communities. The center would support <br>Kentucky's marketing efforts, enhance the state's image of being progressive, and provide marketing and informational support to communities throughout <br>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 <br>expanding businesses, to identify deficiencies of those communities which do <br>not meet the criteria, and to provide assistance to those communities to <br>eliminate their economic development deficiencies. <br>1. Areas in which criteria would be developed to identify communities' <br>preparedness, would include, but not be limited to: infrastructure, site <br>availability and conditions, environmental conditions, workforce, <br>education, business and community support, housing, and health care. 2. Communities having deficiencies should meet the stated criteria through <br>assistance from readily available regional and local facilities and <br>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 <br>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.