Business Incubator Program helps local entrepreneurs

 

A new pilot program that aims to help small businesses move from the home to a downtown storefront is being piloted in Whitecourt with hopes of seeing it progress into the future. Launched in May, the program helps new businesses afford to make the leap to a storefront by giving relief in overhead costs. “It gives you 50 per cent lease rates for the first year, annual maximum of $17,500, and 25 per cent subsidy of lease rates for the second year to an annual maximum of $8,750,” explained Economic Development Officer Rhonda Hough.

The program is funded 50/50 between the Town of Whitecourt and the Government of Alberta Community and Regional Economic Support Grant (CARES Grant). “We’re focusing on the downtown core for now and are looking to fill some of those empty buildings by helping entrepreneurs move into a storefront,” explained Hough. The premise of the program is to encourage entrepreneurs who are ready to go to that level to make the next step in their business by having a presence downtown in one of the available retail spaces.

Interested entrepreneurs can send in applications until August 24 and can check out the application and policy posted on the town’s website (www.whitecourt.ca). “We are also partnering with Community Futures Yellowhead East for some business training. That will offer support in marketing and business ownership management and planning to make sure we are covering all of the bases to give the businesses the highest chance of success.”

Hough said there are at least six spaces that would really fit the downtown program but that there are also other spaces available, too. “We really want to work with entrepreneurs and help them with that step so even outside of this program, if anyone has any questions or comments then come in and see us at the office as we appreciate feedback and are glad to help.”

Mayor Chichak said the program could be very beneficial in helping people live out their dreams by opening a business with support. “Some people are nervous about stepping out on their own and it is a big deal to do it. In a situation like this it puts you in a building and offers a subsidized rent for you which allows you to use that saved money to buy additional inventory or use it towards operating costs or marketing.”

She said council and administration had talked about incubator programs in the past and when the opportunity for the grant popped up they immediately applied for it and were successful. “It was a stepping stone to see how an incubator program would do in our community and if we can start having entrepreneurs who are working in their basements or who have an idea in their head about a business and we are able to help them start out in their own space then I think that’s a fantastic opportunity.”

Mayor Chichak said current business owners who have an idea for another business can also apply for the program. “Just come talk to us. It’s an opportunity for people to actually take a chance in a situation that is really cost effective for them to do it.”

There is also a business survey currently underway on the Town of Whitecourt website until September 15 and residents are encouraged to take part in it. “The survey will help us develop more programs like this. We’re trying to get an idea from local businesses on what they need help with to help them succeed. I think this is a good start as a pilot project and we have a lot of good initiatives coming out of it,” said Hough.