Ryan bill would provide more funds for incubators

Staff report

YOUNGSTOWN

U.S. Rep. Tim Ryan of Niles, D-17th, introduced a bill Wednesday that would provide additional funding for business incubators.

The Business Incubator Promotion Act would expand Economic Development Administration funding for business-incubator operations and support services.

The bill would provide competitive grants of up to $750,000 for feasibility studies and plans, and up to $3 million for the implementation of projects.

“There is a lot of interest, certainly among the Small Business Committee, to recognize and expand the incubator concept,” Ryan said. “There is a general recognition of the success of incubators and the impact they can have.”

The key to successful incubation is providing entrepreneurial consulting and technical assistance, said Julie Michael Smith, chief development officer for the Youngstown Business Incubator. The legislation would help incubators provide more of these services, she added.