On December 3, 2001, the Richlands Small Business Incubator was dedicated, with over 75 guests in attendance. The grand opening of the incubator was, according to a spokesperson for Congressman Rick Boucher, a "cornerstone in our effort to promote the creation of new, locally owned small businesses in Tazewell County."
Located in the former Ball Brothers furniture building, which underwent extensive renovation, the incubator can accommodate as many as 13 companies simultaneously, offering 10,200 square feet of space on two floors. Potential businesses might vary from office or clerical and information technology firms to light manufacturing enterprises.
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The Richlands Small Business Incubator is a joint effort of the Cumberland Plateau PDC and Southwest Virginia Community College. Under the direction of Mike Carter, it is designed to assist entrepreneurs in starting up businesses by providing a variety of services and shared resources. Some of the services provided to new businesses locating in the incubator include flexible space, business assistance (for instance, the development of business plans), short term leases, reduced rent and utilities, and assistance from the CPPDC, SVCC and Town of Richlands. In addition, low-interest loans will be available, as will conference, training and computer lab facilities and business seminars. |
The total cost of the Richlands Small Business Incubator is $800,000. Funding partners are: the U.S. Department of Commerce, Economic Development Administration, $500,000; Virginia Department of Business Assistance, Small Business Incubator Program, $150,000; and Tazewell County, $150,000. The Virginia Department of Business Incubator Program also provided $50,000 for administration, as did the Appalachian Regional Commission and the Virginia Coalfield Coalition.
Prior to launching the incubator project, the CPPDC undertook a feasibility study which recommended the creation of a large incubator in Richlands and three smaller facilities in Clintwood, Grundy and Lebanon. The Richlands incubator would provide central administration for all four sites. With the opening or the Richlands incubator, efforts will shift toward obtaining funding for the three, smaller facilities. |
