Scottsdale Congressman J.D. Hayworth is preparing a proposal to create 10 small-business incubators nationally, including one in Arizona, according to the Business Journal.
The incubators would have the special purpose of helping minority entrepreneurs, particularly ones who are engaged in growth industries like bioscience, defense, aerospace, and business services.
Hayworth’s measure, which would have the U.S. Department of Commerce allocate $25 million over a number of years to support the incubators, is expected to be introduced soon.
Business incubators help beginning businesses and entrepreneurs by providing a variety of services, including management assistance, financing, marketing, and business or technical support services. They also offer firms shared office services, access to equipment, and low-rent facilities.
For more information:
“Federal effort could create new incubator,” Business Journal, 06/14/2004