FRANKFORT, Ky. (WTVQ) – IT Supply Solutions is planning a $1.9 million expansion in Kenton County, which is expected to create 15 full-time jobs in the coming years.
“IT Supply Solutions is a company that started here in the commonwealth and has capitalized on the opportunities our state offers to help businesses succeed,” Gov. Andy Beshear said in announcing the project.
Leadership at IT Supply Solutions acquired two warehouses on Production Court in Independence, where the company previously operated as partial tenants. The company plans to construct a 40-by-60-foot extension connecting the two facilities, creating further efficiencies and providing room for future expansion.
The project follows five years of significant growth.
Founded in 2015 by Richard Dunaway and John Bays, IT Supply Solutions refurbishes and remarkets computer equipment to businesses and school systems.
The company provides customers with like-new equipment at reduced costs to meet the growing need for computers and other electronics. The company maintains R2 certification, making it a recycler of electronic equipment that can no longer be repurposed.
Demand for refurbished computer equipment increased further this year as many organizations implemented work-from-home guidelines in response to the COVID-19 pandemic.
The new project will consolidate IT Supply Solutions operations, which currently include three facilities in Boone and Kenton counties that employ 32 people, including 26 Kentuckians.
“We’re excited to expand and create new jobs in a region and state that has not only supported our growth, but is also the place we call home,” said Dunaway, founder of IT Supply Solutions. “With demand increasing for computers and network hardware, were fortunate to be growing in a time of economic uncertainty and look forward to expanding our operations in 2021. We pride ourselves on operating our business with a philanthropic mindset and hope that through the expansion we will be able to continue to serve the community in which we operate.”
IT Supply Solutions has given back to the community since opening in Northern Kentucky five years ago. The company has donated meals to frontline workers at St. Elizabeth Healthcare, provided care bags for homeless individuals in Covington during the winter and donated computers to Beech Acres and other local schools.
Last year, the IT Supply Solutions team took several foster children to lunch and shopped for Christmas gifts. This year, due to the pandemic, the company is supporting Toys for Tots in order to provide gifts for children in need during the holidays.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in August preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $250,000 in tax incentives based on the companys investment of $1.865 million and annual targets of:
- Creation and maintenance of 15 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $28 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, IT Supply Solutions can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
In December 2019, the company received $3,500 through the Kentucky Small Business Tax Credit program, which offers tax credits to small businesses making at least one hire in the past year and purchased a minimum of $5,000 in qualifying equipment or technology.