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Economic Development Coming To Coal Country Start-Ups
By: Associated Press
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MORGANTOWN, W.Va. (AP) – West Virginia’s U.S. senators say Bluefield will get $2 million from the federal Economic Development Administration to develop an industrial incubator for start-up businesses in the region hit hard by the decline in coal mining.
According to Sens. Joe Manchin and Shelley Moore Capito, incubator projects are needed to lay the groundwork for tech innovation and help the state strengthen and diversity its economy.
The EDA says the incubator will provide space and services to entrepreneurs to help with retooling existing businesses, fostering new ones and providing job opportunities to displaced workers.
It’s projected to create 36 jobs, save 36 others and leverage more than $500,000 in private investment.
The total incubator project cost is estimated at $2.5 million.