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Alliance Receives $140,000 USDA Grant for Virtual Business Incubator

3/19/02

Robertsdale, AL -Alliance Chairman G. E. 'Jerry' Merrill and Lance LaCour, President and CEO, announced today that the U.S. Department of Agriculture has awarded $140,000 to the Baldwin County Economic Development Alliance for the establishment of Virtual Business Incubator Program and for loans to two Technology Companies.

The Alliance will utilize approximately $65,000 of the grant to assist Harris Companies-a product development company and DynISys-a software development firm with loans. Another $20,000 of funds from this grant are also being used to start a new micro-loan program-short term loans under $20,000. $55,000 of the grant will go to start the new Baldwin County Virtual Business Incubator which is designed to assist start-up manufacturing, technology and information technology companies by providing or linking businesses to resources not currently being provided in Baldwin County. "The purpose of the Incubator is not to duplicate existing small business services available but to enhance the overall "start-up" business climate and enhance the coordinated small business resource base of Baldwin County", noted Lance LaCour, President and CEO of the Alliance. Some of the services that the incubator will focus on include: the Micro Loan Program, seed and venture capital, technology transfer, discounted professional services, process development and engineering assistance, access to equipment and facilities at local institutions, and other technical assistance.

The goal of the Virtual Incubator will be to start-up 22 firms and create 70 jobs over a two-year period. After the two-year period the Virtual Incubator may evolve into a Traditional Incubator with physical facilities. The five Chambers of Commerce in Baldwin County will be involved and will be focal points of activity as they currently provide mentoring and small business workshops.

The Alliance will be hiring a part-time, technical assistance coordinator to run the incubator who will coordinate services with small business resource providers, coordinate requests from clients, identify and market suitable buildings for use by clients, assist with financial packaging, perform initial screening of clients and administer the overall program.

The Virtual Business Incubator will be overseen by an Advisory Committee consisting of the Alliance Business Development and Loan Committees whose members include:

For more information, contact Lance LaCour at BCEDA: (251) 947-2445 or info@baldwinincubator.com or go to the website at www.baldwinincubator.com.