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Nov. 13, 2012 - NJBIN Welcomes 14th Incubator
Camden, NJ (November 13, 2012)—The New Jersey Business Incubation Network (NJBIN) announced today that the Business Development Center in Asbury Park has joined the network. With the addition of the incubator, NJBIN now has fourteen incubators in its network.
“We are delighted to welcome the Business Development Center as the newest member of the New Jersey Business Incubation Network,” said Suzanne Zammit, president of NJBIN. “This incubator further expands the areas in New Jersey where entrepreneurs can take advantage of the services business incubators provide.”
Interfaith Neighbors, a nonprofit corporation, founded the Business Development Center to advance the organization’s mission of revitalization and economic development in Asbury Park and Monmouth County.
“The Business Development Center offers selected businesses much more than just office space,” said Roger Boyce, director of the center. “We work with serious businesspeople who demonstrate clear intent for their business and a proposed timeline for action. Once a business becomes affiliated with our incubator, we provide mentoring services that are free of charge and delivered either by our staff or by someone from our network of volunteers. All of our mentors possess a wide range of business skills and real world experience in their industry.”
Through a partnership with the UCEDC, a Community Development Financial Institution, the Business Development Center can assist both startup companies and established businesses in obtaining short- and long-term loans. Loan amounts range from $500 to $5 million and can be used for a wide range of purposes. “UCEDC is equally committed to small and disadvantaged businesses and will work with the Center’s clients to find the right financing solution,” said Maureen Tinen, UCEDC president.
The Business Development Center offers high-end private cubicle-style offices. A shared kitchen and shared conference room is also available. The incubator has been designed to provide each office space with private communication services, such as phone and Internet. Each office is rented on a monthly basis at $275 per month. Wireless Internet is included in the rental fee. Firms independently contract for telephone and private Internet services; all other utility costs are included in the rent.
Boyce brings years of experience to the Business Development Center. He is a serial entrepreneur and a veteran of several high-tech startups. He actively mentors incubator clients to advance and grow their businesses. He serves on the boards of the Asbury Park Chamber of Commerce and Second Life Bikes, a company affiliated with the incubator.
Business incubators reduce the risk of small business failures. Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business. New Jersey's incubators make measurable contributions to the state's economy through their support of businesses. In 2010, the more than 500 client companies supported by NJBIN incubators created or retained over 1,800 higher paying jobs; generated revenues of $155 million; brought $91 million in 3rd party funding to New Jersey; and graduated 54 self-sustaining companies.
|Last Updated on Tuesday, 04 December 2012 20:14|