Business Incubator Plans Announced

Date: 7/17/06
Contact: Jay Groves

 

Plans to develop the McLean County Business Incubator (MCBI) are one step closer to reality thanks to $150,000 in federal money secured by Congressman Jerry Weller. Weller visited Illinois State today to announce the money for the project designed to stimulate economic growth in Central Illinois.

"For the Bloomington-Normal area, this project is all about creating jobs," said Weller. "The funding will be instrumental in providing entrepreneurs with fundamental business tools to help them as they start and grow their businesses. The small business incubator project will be a great asset to the already strong economic development currently under way in the downtown reconstruction efforts in the Bloomington/Normal area. Small businesses drive innovation and job creation, and this incubator will grow small businesses and job development here in McLean County."

Weller notes that the unemployment rate in McLean County in May of this year was 3.5 percent compared to 3.9 percent at the same time last year.

The MCBI, a collaborative venture between Illinois State and the Bloomington-Normal Economic Development Council (EDC), is a community-wide partnership that will serve as a "one-stop shop" for business development resources. The MCBI will contain logistical and support services for local entrepreneurs and developing businesses. Clients will be provided with a supportive and nurturing infrastructure that will facilitate business development, stimulate job creation and promote business research, innovation and commercialization.

When the facility is established, clients may rent business-ready physical space at MCBI. A wide array of services including clerical support, accounting and bookkeeping assistance, web support services and business management consulting will also be available to help facilitate all the stages of business development.

These services will be available to occupants and affiliates of the MCBI as well as to the business community at large.

"The MCBI will provide a dynamic business and research environment that will bring together local entrepreneurs looking to develop businesses and products, businesses engaging in research and development activities, business support organizations and university faculty pursuing research interests," said President Al Bowman. "The infrastructure of the MCBI will be capable of serving a diversity of interests and responding quickly to evolving market opportunities."

Potential regional market sectors such as insurance and financial services, information technology, renewable energy, nanotechnology, health care and advanced manufacturing could benefit greatly from the services provided by the MCBI.

Plans for the MCBI emerged from a strategic planning process begun by the EDC in 2004. The planned business incubator addresses the need to nurture and retain businesses in Bloomington-Normal and throughout Central Illinois. Illinois State's Stevenson Center for Community and Economic Development has been commissioned to conduct a needs analysis to determine the requirements for success of the MCBI. Results of that research will be available in the fall of 2006.

Once the business plan is in place, additional collaborations and funding from federal, state and local sources will be sought to begin operation of the center. The MCBI will operate as a non-profit corporation with an executive director and a board of directors consisting of members drawn from the EDC, Illinois State and other local university, government and community stakeholders.

"The EDC is very excited about our partnership and collaboration with Illinois State and appreciate the University's leadership and willingness to advance this project," said Chief Executive Officer Marty Vanags. "A primary objective of the EDC's five-year strategic plan is improving our business infrastructure and this incubator will assist in fulfilling this goal."