The Economic Development Council of the Bloomington-Normal Area, in partnership with Illinois State University, is currently leading an effort to develop a small business incubator in the Bloomington-Normal area. A business incubator is a facility designed to assist businesses with becoming established and sustainable during their start-up phase. Typically, they do this by providing shared premises, business advice, business services, access to investors, markets and international networks, mentoring and a full-time hands-on management team. This business growth center will create new jobs in our community by enabling current businesses to prosper and grow and be offering qualified entrepreneurs the space, support and services for success.

The McLean County Business Incubator has been one of the projects supported by the EDC’s One Voice task force for the past three years. U.S. Sen. Dick Durbin appropriated a $250,000 Small Business Administration grant for fiscal year 2007. U.S. Rep. Tim Johnson also appropriated $100,000 to the incubator through a Housing and Urban Development grant for fiscal year 2008.

A feasibility study has been completed with the conclusion that there is a strong market in McLean County to support a mixed-use incubator. The EDC is currently in the process of securing a location for the incubator and expects it to open by the end of 2010. To learn more about the feasibility study, contact us at (309) 452-8437.