LSC SECURES USDA GRANT TO FUND NEK BUSINESS "INCUBATOR WITHOUT WALLS"

LYNDON CENTER, VT.-- Lyndon State College has secured a USDA Rural Business Enterprise Grant (RBEG) that will help the Newport-Derby area grow new businesses and respond to the changing economic climate. The RGEG project, dubbed an Incubator without Walls, will help businesses identify the most effective ways to respond to the addition of big box stores in the area and other challenges. The total cost of the project is $322,059. Lyndon State and the collaborative partners will contribute a total of $59,695 towards the project, in addition to the grant.
The grant will cover the hiring of a full-time Incubator without Walls director who will coordinate monthly workshops that will be available to over 200 area businesses, provide an "incubator experience" to 20 participating businesses and coordinate Lyndon State faculty and student involvement in the business development activities. The liaison will connect area businesses with faculty mentors at Lyndon State to address the needs of the business while providing students with an opportunity to put theory into practice.
LSC President Carol A. Moore says that the IWW is a perfect win-win opportunity for business and LSC. "Our faculty and students look for every situation that will put business and students together, where business can meet a challenge or solve a problem and our students can put theory into practice," she said.
There are a number of area businesses who have already benefited from market studies and new marketing plans created for them by LSC business students, such as Granite Industries of Vermont in Barre and Jed's Maple Products in Westfield.
"Small businesses are the backbone of our rural economy. Their entrepreneurial spirit and commitment to their community creates jobs and brings economic stability to rural communities across our nation," said Jolinda LaClair, state director of USDA Rural Development. "Providing technical assistance to small businesses in rural areas demands innovative ideas. Incubator without Walls is a creative solution that will benefit the small rural businesses in the area as well as give first-hand experience to the business students of Lyndon State College."
The grant was supported by the Vermont congressional delegation. Senator Bernie Sanders agrees that "small business is the backbone of our Vermont economy, and Lyndon State College once again is demonstrating its strong commitment to serving our community in the Northeast Kingdom by helping with the development needs of small and emerging businesses."
This project builds on a marketing study performed by the University of Vermont Extension Service and is a collaboration among Lyndon State College, the Vermont Small Business Development Center, Northeastern Vermont Development Association, Northern Communities Investment Corporation and the towns of Newport and Derby. For more information, please call Dean of Institutional Advancement Bob Whittaker at 802-626-6427.