PCEDC: Media Release

Greenville Wood Composite Incubator Receives Funding
Monday, June 05, 2006
Maine's Congressional Delegation announced good news for Piscataquis County's efforts to construct a business incubator facility in Greenville. On Friday, the Senate passed the last 2003 spending bill containing $225,000 for the Greenville facility. According to the authorizing legislation, the business incubator will house and support businesses seeking to commercialize wood composite materials. It's expected that most of the products produced by entrepreneurs at the incubator will be developed first at the University of Maine's Advanced Engineered Wood Composite Center.

This was music to the ears of Greenville Town Manager John Simko who expressed confidence that the federal funding will greatly enhance the chances of the incubator building being constructed. "Everyone has worked hard to start this job-creating facility and our Congressional delegation deserves a lot of praise for supporting our efforts. We are very pleased at the development." Simko added that the facility will be constructed on the town-owned Spruce Street lot.

Nationally, business incubators are on the rise. Many economic development groups as well as public entities have created them in order to provide low cost support services for new business growth. Statistics show that most businesses fail during the first three years of existence and that a business incubator can help them during periods of tight cash flow and slower sales. The Greenville incubator facility will focus on the needs of entrepreneurs who wish to manufacture wood composite products. It is anticipated that many of these entrepreneurs will remain within Piscataquis County once they leave or "graduate" from the incubator.

The Greenville incubator will be part of a larger system of incubators statewide. This system was created by the Legislature in 2000 in order to encourage business growth in new and emerging industry sectors. According to the State, the composites sector shows promising opportunities for job creation in Maine.

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