Biscoe Receives $250,000, to Focus on Entrepreneurial Development

The new Small Business and Entrepreneurial Assistance Grant program dispensing funds.

January 1, 2008

MONTGOMERY COUNTY NC NEWS -- Both Clay and Hyde counties as well as the Town of Biscoe, are the first recipients of a new Small Business and Entrepreneurial Assistance Grant program. Governor Mike Easley announced the recipients will receive a total of $750,000 from the federal Community Development Block Grant program. The program will to help existing small businesses in those communities economically develop and create 39 new jobs.

The new Small Business and Entrepreneurial Assistance Grant program, is funded through the federal Community Development Block Grant program. In addition to providing funding to communities to assist specific businesses, the Small Business and Entrepreneurial Assistance Grants require local governments to put together community teams to create and nurture entrepreneurial environments that will provide support for existing and future businesses.

During the announcement of the grant awards, Governor Easley said, "This new program will encourage small business entrepreneurship and help stimulate the local economy in areas of our state that are struggling to grow. This is part of our ongoing efforts to assist small businesses, encourage local economies and bring job growth to every corner of our state."

As recipients of Small Business and Entrepreneurial Assistance Grants, the two counties, Clay and Hyde, as well as the town of Biscoe will utilize the funding in the following methods.

Clay County will receive $250,000, to develop an entrepreneurial support network. Advanced Digital Cable plans to purchase equipment needed to expand its current production line and creating 10 new jobs.

Hyde County will receive $250,000, to develop its "Jumpstart Hyde" program and allowing three businesses, Chris's Grocery, Community Care and Hospice, and Alligator River Growers, to complete building renovations and purchase needed equipment. These companies' expansions will create 10 new jobs.

The Town of Biscoe, a small community located in Montgomery County, will receive $250,000, to develop an entrepreneurial environment that focuses on manufacturing. The grant will allow Central Carolina Hosiery to purchase new knitting machines and create 19 jobs.

Federal Community Development Block Grants are funded by the U.S. Department of Housing & Urban Development and administered through the North Carolina Department of Commerce.

Published by:
Rob Cross
mailto:editor@357news.com

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