Opportunity
Marshall, Inc.,
will provide
equipment leasing

By Jody Norwood
Tribune-Courier News Editor
jnorwood@tribunecourier.com

BENTON – Marshall County could soon be offering industrial equipment to help attract and retain jobs.

“Our office has been putting together a nonprofit entity to take advantage of some Community Development Block Grant funding opportunities for economic development,” said Marshall County Economic Development Director Josh Tubbs. Tubbs informed the Marshall County Fiscal Court of how the effort was developing.

The entity will be known as Opportunity Marshall, Inc., and will be classified as a nonprofit corporation. A board will be established to oversee activity and funds.

“Basically what this is, is an equipment leasing program that we can do with new industry or an industry that’s expanding. It is tied to job creation.”

Job creation and retention remains a driving force locally. Kentucky’s preliminary unemployment rate improved to 10.6 percent in April, according to the Office of Employment and Training. The estimated rate is the lowest since December 2009. In Marshall County, unemployment decreased from 13.7 percent to 11.7 percent between February and March. These numbers come after a peak of 13.8 percent in January.

Tubbs said seasonal conditions play a role in the improved number as better weather typically increases temporary and construction jobs this time of year.

Since April 2009, statewide employment in the manufacturing sector has fallen by 5,400 positions, which is indicative of the malaise resulting from the automobile slump impacting Kentucky, according to Justine Detzel, OET chief labor market analyst. But manufacturing jobs surged by 2,200 last month.

The U.S. Bureau of Labor Statistics’ monthly estimate of the number of employed Kentuckians for April 2010 was 1,865,001 on a seasonally adjusted basis. This figure is up 6,043 from March 2010, but down 5,789 from April 2009.

Locally, about 1,753 remain unemployed out of the county’s 15,004 labor force.

According to Tubbs, Opportunity Marshall, Inc., will allow the county to be more competitive in attracting new manufacturing jobs and help local employers expand existing facilities.

“What this will allow us to do as a nonprofit is to basically have a revolving loan program with a low interest rate,” Tubbs said.

The group would lease equipment to companies until it was paid for, then it would be able to retain any profit and invest it into other economic development projects such as land acquisition, infrastructure upgrades and construction.

“I’ve got all the initial work done in getting incorporated,” Tubbs said. “We have a tax identification number, so what I’m doing is putting together the policies and procedures for the board.”

Board members have not been chosen and a set numbers of members has not been established.

“This is a great opportunity,” Tubbs said. “It’s something we haven’t done before. Whereas with other CDBG opportunities you’re limited to only having one until you close it out. With the economic development programs under CDBG, especially this one, we’re not limited to just one project.

“The real advantage is, if we have a successful project and we can sustain ourselves, it will ease the matching funds for particular projects for cities and the county.”