ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, October 31, 1996 TAG: 9610310016
SECTION: CURRENT PAGE: NRV13 EDITION: NEW RIVER VALLEY
DATELINE: NARROWS
SOURCE: CLAYTON BRADDOCK STAFF WRITER
Narrows has begun an effort to revitalize its central business district, Mike Kirk, town manager, announced Wednesday.
The project will become another of many "incubator" projects springing up around the nation to help businesses improve growth and efficiency, Kirk said.
The Narrows incubator will serve all of Giles County and will be linked to the New River Competitiveness Center in Pulaski County.
Acquisition of the Reid Building, a former auto dealership on Main Street, will be the central focus. The Narrows incubator will help new business become established by providing general and specialized support services.
Many of the town's downtown business closings are attributed to traffic reductions caused by the four-laning of U.S. 460 and the change in shopping patterns of large retail malls in both Christiansburg and nearby Mercer County, W.Va.
Links to the new incubator and the Pulaski County Competitiveness Center will offer training and technical assistance to new businesses willing to take advantage of support from state enterprise zones, Kirk said.
Only 46 enterprise zones exist in Virginia, each offering significant benefits in taxes, real estate property credits and job grants.
Small-business incubators have become successful mechanisms for assisting new businesses and industries. Nationally, they have 80 percent success rates after a stay of three to five years in an incubator. In contrast, new start-up businesses that have not gone through the incubator process have nearly an 80 percent failure rate, Kirk said.
Individuals interested in the project should call Kirk at (540) 726-3020, or Lesley Howard with a the New River Valley Planning District Commission in Radford, (540) 639-9313.
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