Saturday, October 31, 2009
 
sponsored by Graue Inc.


Center of Success opens downtown Lincoln office

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[October 31, 2009]  Thursday morning the culmination of 18 months' efforts ended with a ribbon-cut at the new Center of Success in downtown Lincoln.

RestaurantJoel Smiley, executive director of the Lincoln & Logan County Development Partnership, spoke to 50 leading citizens and local government officials during a brief ceremony.

The center will be a business incubator that will foster the growth of new business in Logan County.

This incubator concept allows startup companies to reduce costs through a three-year rent-reduction program. Applicants for the program will qualify by going through the SCORE process, which includes the development of a business plan and budget.

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By having locations spread throughout Logan County, this program will be able to accommodate a variety of space requirements ranging from high-tech to manufacturing.

Sonnie Alexander, co-chair of the committee that was able to get the incubator off and running, is one of only two trained SCORE representatives in Logan County. Alexander said that the goal of the Center of Success is to create 100 new jobs annually countywide.

While speaking, Smiley said this could mean that businesses as small as needing 100 square feet of office space all the way up to a manufacturer needing 100,000 square feet could receive the resources of the center.

Smiley explained the services the center will be able to supply for startup businesses:

  • Facility rental at a reduced rate for three years: first year, 50 percent, second year, 30 percent; third year, 10 percent

  • SCORE assistance

  • Assistance with financing

  • Lincoln/Logan County Chamber of Commerce membership

  • Training resources

  • Advisory council aid: insurance, accountant, attorney, banker

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The statistics showing the marked difference between new businesses that receive professional guidance and those that don't indicate how important such a program can be to the health of a startup business.

  • An estimated 627,200 new businesses began operations in 2008, and 595,600 businesses closed in 2008.

  • Most small businesses do not survive to their fifth anniversary; only 44 percent make it past four years.

  • Seven out of 10 businesses will last only two years.

Smiley pointed out that businesses that use business incubators have an 87 percent survival rate after five years.

Jan Schumacher, representing the Logan County Board, said that when she hears the word "incubator," she thinks of small babies receiving special care in a controlled environment. She likened the need of a new business to also receive the special attention needed to get started on a healthy track.

Mayor Keith Snyder said: "This couldn't have come along at a better time. If you have a dream, a passion, then you belong."

Alexander told the crowd that the center's new Web site is up and running at www.centerofsuccess.org.

You can also find out more information by calling Joel Smiley at 217-732-8739.

[Information from Center of Success; LDN]

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