News Release
May 8, 2012
For immediate release
Contact:  Terry Reeves, (270) 443-1746

EntrePaducah Awards First Small Business Incentive Funds

Paducah, KY – A small business incentive package developed by EntrePaducah and the City of Paducah has its first recipient.

Midtown Market owner Andy Carloss becomes Paducah’s first entrepreneur to receive the $10,000 in matching grant money approved by the City Commission in October 2011.

The City set aside $60,000 in incentive money for small business economic development as a way to entice new business owners to invest in new ventures.

“Our goal in making these funds available was to show citizens we’re serious about helping entrepreneurs create jobs in the community,” said Mayor Bill Paxton.  “Because they work with startup businesses every day, EntrePaducah seemed the natural choice to administer the program.”

Applicants qualify for the program by committing to the creation of at least four full-time jobs at startup, be a full-time resident of McCracken County, and submit required financial information much like a loan application.  Other covenants include the completion of a thorough business plan, participation in EntrePaducah business counseling sessions, and compliance with all guidelines that govern the particular business.  Up to six businesses may benefit from the program in a single fiscal year.

In return, the $10,000 award is given in increments based on pre-approved expenses such as exterior building improvements, signage, site review costs, and certain marketing expenses.

“We look at the credibility of the business plan, job potential, and chances for sustainability in reviewing the applications,” said EntrePaducah Board Chairman Sam Wright.  The agency’s Executive Committee determines final award eligibility.

Midtown Market, located at the former Myrick’s Grocery building at 3000 Broadway in Paducah, will specialize in fresh meat and produce, and specialty food items.  Carloss’s goal is to present a Whole Foods-type concept to Paducah that features products grown locally, or as close to local as possible to maintain quality and freshness.

“When I first visited EntrePaducah in December 2010, I basically just had a dream and a desire to move back to Paducah from my job in Boston,” said Carloss.  “After attending numerous EntrePaducah business seminars and researching my grocery concept, I feel much more confident taking my first step as a business owner.”

Carloss expects to create as many as 20 jobs in his first year of operation.

EntrePaducah serves startup and existing small businesses with business planning, business education programs and identifying funding sources.  The agency is jointly funded by the City of Paducah, McCracken Fiscal Court, Paducah Economic Development, and the Paducah Area Chamber of Commerce.

For more information, contact EntrePaducah at (270)443-1746 or via their website www.entrepaducah.com.

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