Incubator-Funding Phyllis Queen

Thomas Family Center for Entrepreneurship

Business Consultant

Business Incubator(National Business Incubation Association)

Business incubators are instrumental in accelerating the success of entrepreneurs with the start-up of new or fledgling companies.

Types of Services

Business Basics Assistance Marketing Assistance Technology Assistance Networking Activities Assistance Financial Management Assistance Regulatory Compliance Assistance

Types of Services (cont.)

Assist with Access to Capital Access to Internet Services Access to Higher Education Resources Assist with Presentation Abilities Access to Business Training Programs Assistance with Intellectual Property

N. C. Rural Center

Building Reuse and Restoration Grants Program

Purpose

To spur economic activity and job creation by assisting in the productive reuse of vacant buildings in small towns.

Description

The Building Reuse and Restoration Grants Program assists communities in returning vacant properties to job-generating use. The grants match other public and private funding to restore, renovate and equip properties – from storefronts to factories – for use by new and expanding businesses. The businesses in turn create jobs, add to the tax base and restore hope in struggling communities,

Grant Categories

Pre-development Grants - $25,000

Development Grants - $400,000

Job Criteria (1)

Jobs must be full-time with benefits, and “net new.”

Must be minimum wage, 35 hours per week minimum.

Jobs must be created within 24 months of the grant award; will be verified upon completion of project.

Job Criteria (2)

Buildings proposed for funding under this program must have been vacant for at least 6 months prior to application. Partially occupied buildings will not be considered for funding.

At least one new job should locate in the project building for every $10,000 in grant funds.

Eligibility

Eligible recipients must be units of local government located within North Carolina’s 85 rural counties or within an economically distressed urban county (tier one) as designated by the N.C. Department of Commerce.

County Tier Designations(NC Department of Commerce)

Economic Recovery Assistance

Maximum grant award of $480,000 $12,000 per job created Local government match requirement can

be fulfilled with in-kind grant administration.

Building vacancy requirement of only 3 months.

Source

The N.C. General Assembly Fiscal year 2008 legislature appropriated $6

million for the program. $8 million allocated for fiscal year 2009 $13 million awarded to 117 grant recipients over

last 4 years. These projects are expected to create over 3,700

jobs and leverage more than $300 million in private investments.

USDA

Rural Economic Development Loans

and Grants

Purpose

Promote rural economic development and/or job creation projects including feasibility studies, start-up costs, and business incubators.

Eligibility

Electric Companies Telephone companies Rural Areas

Recipients of Lumbee River Development Grant

Southeastern Heart Center $200,000 Fitness Center of Red Springs $200,000 Cottonwood Daycare (COMtech) $450,000 Nash Finch $500,000

Rural Cooperative Development Grant

Purpose

To conduct feasibility studies, business plans, as well as provide training and other technical assistance to new and existing cooperatives and businesses.

Eligibility

Institutions of Higher Education Non-profit Organizations

In Summary

There “ARE” grants available and TFCE has started the process towards the establishment of an incubation center

We have met with an owner of a potential property in downtown Lumberton.

Our next step now is to create a University/Private venture with grants and private funding.