1. Incubator-Funding Phyllis Queen Thomas Family Center for Entrepreneurship Business Consultant

2. 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.

3. Types of Services  Business Basics Assistance  Marketing Assistance  Technology Assistance  Networking Activities Assistance  Financial Management Assistance  Regulatory Compliance Assistance

4. 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

5. N. C. Rural Center Building Reuse and Restoration Grants Program

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

7. 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,

8. Grant Categories  Pre-development Grants - $25,000  Development Grants - $400,000

9. 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.

10. 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.

11. 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.

12. County Tier Designations (NC Department of Commerce)

13. 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.

14. 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.

15. USDA Rural Economic Development Loans and Grants

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

17. Eligibility  Electric Companies  Telephone companies  Rural Areas

18. 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

19. 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.

20. Eligibility  Institutions of Higher Education  Non-profit Organizations

21. 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.