Business incubators could be funded by January
by Franklin Clark, Reporter -- fclark@cadizrecord.com
Oct 06, 2010 | 0 0 comments | 6 6 recommendations | email to a friend | print
Business Incubation Projects of Western Kentucky is anticipating that the grants for their two business projects will be available by the first the year, and hopes that both projects will be complete by the first of 2012.

That is what Kathy Tessier, vice president of Business Incubation Projects of Western Kentucky, Inc., said last week. She added that it’s typical for such grants to be approved closer to the end of the year.

Linda Humbert, president of the organization, said that on Monday, Sept. 13, grant applications for the two projects were filed, and then the Kentucky Department for Local Government registered both of them for the state.

Then the two applications were submitted to the Economic Development Administration office of the Department of Commerce in Washington, D.C., said Humbert, who added that both the Washington, D.C., and Atlanta, Ga., offices approved the applications.

“We were contacted by Sept. 23 by a representative of the Lexington office to verify that the two projects are separate applications,” Humbert said. “The Lexington office then e-mailed additional forms to be completed for consideration for each project.”

The first project, Destination Cadiz, will be a business incubation project located in a 15,000 square-foot, two story building at 3 Main St. in downtown Cadiz, and is supposed to house up to 20 local small businesses like restaurants, shops and galleries, Humbert said.

The second project, Green Tech Business Center, is supposed to bring in start-up companies within the “green” industry, and will be located in a 20,000 square-foot building near Interstate 24, and it is hoped that there will be enough space for 20 such businesses in the building, said Humbert.

“This project will be directed toward biotechnology, alternative energy, recycled products, organic products and other sustainable ecologically oriented businesses,” Humbert said.

Everything so far is on schedule, and more than $200 million has been allocated for the business incubation grant program, with the average application requesting about $3 million, Humbert said, adding that she’s optimistic that Trigg County will receive some of that grant money.

Each project would need a federal grant to the tune of $3 million, which Humbert said “is intended specifically to fund Business Incubation Projects in areas with high unemployment and low education levels. This $3 million grant requires an in-kind minimum matching of $100,000.”

For both projects, Humbert said federal grant funding allows for $300,000 or more to be spent on advertising and travel to bring businesses into the region. The group will have to apply for the grant by the end of September, and they’ll know before the end of the year whether the grant is approved, she said.

Humbert said that those who would like to apply for business space at either location are encouraged to check out the organization’s web site at www.bizincwky.com.
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