City planners this week said they are temporarily suspending the study of a small business incubator in west Greenville due to a lack of funding and interest among potential entrepreneurs to support a facility that would nurture local startups into homegrown enterprises.
The announcement — made before the Greenville Redevelopment Commission — could result in the loss of about $2.5 million of quality office space and up to $80,000 of professional support services provided to potential business owners at a cost below market rate, said Niki Jones, the city planner in charge of the project.
Jones said the city owns nearly two blocks along the 800 block of West Fifth Street and has made contact with several developers to partner in building the site into an incubator, which would allow entrepreneurs to rent 100 square-feet of office space and have access to conference rooms and a trained professional to help them design a sustainable business model.
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