Monday, January 18, 2010

Ky. Highlands Investment Corp. gets grants, loans to builld a new incubator for entrepreneurs

A venture-capital firm in rural southeastern Kentucky has broken ground for an "eco-friendly business incubator," reports Carl Keith Greene of The Times Tribune in Corbin. Kentucky Highlands Investment Corp. will use the "9,000 square feet for product development, office space and laboratory facilities for local entrepreneurs," and estimates that in the next five years will "assist 16 businesses, create 127 new jobs and generate $6 million in private investments," Greene writes. The company's curent incubator has a capacity of three businesses, and has spawned four businesses that employ more than 30 people. Highlands spokeswoman Carla Blanton said a typical business requires three years in an incubator with an option for a fourth.

A $1.08 million grant from the U.S. Economic Development Administration, a $300,000 grant from the Appalachian Regional Commission, a $500,000 loan from Jackson Energy Cooperative and a $100,000 loan from the Kentucky Department of Commercialization and Innovation will allow the building to meet the environmental standards of Leadership in Energy and Environmental Design (LEED). (Read more)

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