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Dale Kroop, Director
Economic Development and Neighborhood Revitalization
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Hamden, CT, 06518
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State Funds $5M Grant for Hamden Business Incubator

6/24/2013

State Funds $5M Grant for Hamden Business Incubator

 

 

Incubator Before

On Friday the CT Bond Commission approved a five million dollar grant for the development of the 40,000 S.F. Hamden Business Incubator. The facility will be located at 496 Newhall Street and will be owned and operated by the Hamden Economic Development Corporation (HEDC). This Town building has been mostly abandoned since the early 2000s.

 

“We are so pleased to hear such great news today”, stated Dale Kroop, Executive Director of the HEDC. Without the help of our entire delegation, especially Brendan Sharkey, Michael D’Agostino and former State Representative Peter Villano this could not happen.

 

The facility will be home to up 20 companies that will create jobs and increase the tax base. The companies which will occupy the incubator will be largely comprised of those with under 10 employees. “Small Business is the engine of the Hamden economy. They create most of the new jobs and are the backbone of sustained tax base growth. Our business incentives and business retention program are perfectly suited for the Hamden Business Incubator because we try and create a culture of success”, further stated Dale Kroop.


The Hamden Business Incubator will be designed to accelerate the successful development of entrepreneurial companies through many shared business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. Successful completion of a business incubation program increases the likelihood that a start-up or newer small businesses will stay in business for the long term: Historically, well over 75% of incubator graduates stay in business. 

 

The Hamden Business Incubator will be located in the heart of the Highwood/Newhall neighborhood, located less than one mile from the City of New Haven and close to I-91 and I-95. The project is projected to create up to 40 jobs in the short term (one year), 80 in the medium term (3 years) and 125+ in the longer term (five years). The facility will generate over $2 million in annual payroll in the short term and eventually generate new annual tax revenue to theTown of Hamden as these companies grow.

 

The HEDC will provide common services to Small Business located in the Hamden Business Incubator to help them reduce the cost of overhead, making them more profitable. These services include reception, parking, rest rooms, WIFI, conference space, security, etc, all at an affordable rent structure. Their leaner operations will make them more able to efficiently collaborate with other local and regional businesses and other institutions such as the many universities and colleges in the region.

 

For the marketing to tenants, the HEDC/Town is currently working with entrepreneurial organizations like the Hamden Business Assistance Center, New Haven Manufacturing Association, CONNSTEP, SBA’s Small Business Development Center, Southern CT State University, Albertus Magnus College, Quinnipiac University, Gateway Community College and other important trade groups like the Minority Supplier Development Council in order to assist tenants and emerging businesses at the Hamden Business Incubator.

 

One of the features of the Hamden Business Incubator will be the location of the Hamden Business Assistance Center (BAC). Since 2005 the BAC has provided services to start ups and others needing assistance in the areas of business formation, cash flow analysis, business plans, Financing, Human Resources etc. To date the BAC has helped over 200 clients. The BAC will offer these services not only to the to the tenants of the Hamden Business Incubator but also to businesses across Hamden

 

It is envisioned that tenants of the Hamden Business Incubator will include such as web designers and programmers, professional services, medical form administrators, small manufacturers and other lighter industry providers. Each business located at the Hamden Business Incubator will lease former classrooms and other areas within the former school.

 

It is anticipated the new facility will open in 2014.

 

For further information about the Hamden Business Incubator, please contact Dale Kroop at 203-287-7033 or at dkroop@hamden.com.

 

Also please visit the Hamden Economic Development Corporation's Facebook page for ongoing reports on the progress of this project and others.


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State DOT & Town to Meet on Monday, July 1 with State St. Residents
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HIGHWOOD SQUARE OPEN HOUSE A GREAT SUCCESS!
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