By PEGGY KING
(This is the first in a series of stories about various initiatives that have been promoted or supported by the Southwest Georgia United Empowerment Zone).
VIENNA — Southwest GA United Empowerment Zone operates a business incubation program here, and renovation is underway currently at the Business Development Center to convert more space into business offices.
When the 50,000 square foot facility originally was built, it included space not only for offices, but also for small manufacturers.
All available office space was leased by the end of 2008, and the demand continues into 2009, according to the EZ annual report.
For that reason, 5,000 square feet of former manufacturing space will be converted into office space at the Vienna center, and a 7,500 square foot facility will be improved and utilized in Cordele.
Business Development Center personnel provide technical assistance, not only to those small businesses located in the incubator, but to others in the community as well.
A business revolving loan fund also is available to qualifying businesses throughout the counties of Crisp and Dooly.
During 2008, Wayne Foster who manages the Business Development Center reported that he counseled 91 entrepreneurs, met with 76 incubation prospects and was contacted by 116 businesses that were seeking funding from the revolving loan fund.
Two businesses were approved for loans in 2008.
A community finance specialist was added to the EZ staff during 2008, and she manages these revolving loan funds. Her job involves building the capacity of the certified Community Development Financial Institution (CDFI), a designation that provides financial services for low and moderate income people.
Both Crisp and Dooly counties have earned the Entrepreneur Friendly designation from the Georgia Department of Economic Development.
That means that businesses in the two counties can apply for EFIF (Entrepreneur Friendly Implementation Fund) grants up to $25,000. These grants must be matched 50% either in dollars or in-kind value.
This story and others will appear on Sunday's business page in the Cordele Dispatch.
