Local start-up businesses will soon receive a boost from the federal government.
The U.S. Commerce Department’s Economic Development Administration, or EDA, has awarded the University with a $683,125 federal grant to help support local start-up businesses and expand jobs. The grant will be funded through the next five years.
Laura Frerichs, director of the Research Park at the University of Illinois, says that the main goal of the grant is to encourage entrepreneurship in the University community.
“For UI entrepreneurs, this program will expand our Entrepreneur-in-Residence Program to provide more free consulting for new businesses being formed by faculty, staff and students,” Frerichs said. “It will also employ more students in paid positions within our Shared Services program giving them a chance to work on projects for startup companies in EnterpriseWorks and also the community.”
The grant also helps expand the program Illinois Launch, which is a part of the University’s Academy of Entrepreneurial Leadership. The program provides funding and a network of alumni, investors and experienced entrepreneurs for students looking to develop their startups into viable businesses.
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John Atwood, lead public affairs specialist at the EDA, says the grant will benefit the University in a plethora of ways.
“The University of Illinois University Center program will deliver business and entrepreneurial courses and counseling,” he said. “It will also launch the Student Entrepreneur Shared Services program, establish community incubator facilities and programs at Rantoul Business Center and EnterpriseWorks.”
The grant includes partnerships with the College of Business, Parkland College, the Champaign County Economic Development Corporation, the Champaign County Regional Planning Commission and the Village of Rantoul, according to Frerichs.
Arpit Goyal, sophomore in Business, says that the grant is important to students in the College of Business.
“I think it’s important for students to get first-hand experience working with businesses,” he said. “This grant opens up the door for me and others to help get that experience sooner (rather) than later.”
The University received the grant through an application process hosted by the EDA that took place in late spring 2011. Atwood said the University received the grant, “because its application received a top rank after undergoing the competitive evaluation process for this University Center competition.”
Additionally, the College of Business is conducting an entrepreneurship assessment study, with the help of the Champaign County Regional Planning Commission, in order to catalogue resources and identify areas that are in need of long-term economic development.
