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UT establishes Minority Business Incubator to help early-stage businesses

The University of Toledo is extending its expertise to other businesses with the establishment of a Minority Business Incubator (MBI).

A grand opening of the MBI will be held Wednesday, Sept. 30, 2009 at 10 a.m. outside of the Engineering Technology Center on the Scott Park Campus of Energy and Innovation.
“The University of Toledo is deeply committed to both diversity and playing a leadership role in the rejuvenation of the northwest Ohio economy,” said UT President Lloyd Jacobs. “This new incubator serves both initiatives well.”
UT’s business incubators nurture entrepreneurial and economic development by providing office space and conference rooms, furniture, utilities, data package/broadband Internet, security, a mentoring program and a network of professional advisors.
The MBI will provide accommodations for six businesses at a time; it will also serve other minority businesses as a resource for information, networking and answers to specific business needs.   
The incubator will also support UT’s educational mission by offering student internships that provide real world experience, as well as potential school credit in the marketing, finance and accounting fields.
“Community collaboration is particularly essential to the ultimate success of the MBI,” said Lawrence Burns, UT vice president for external affairs and interim vice president for equity and diversity. “That is why we have been working with several local organizations, including: the Toledo Regional Chamber of Commerce, the Toledo African-American Bureau of Commerce, and the Northwest Ohio Hispanic Chamber of Commerce.”
Applicants wishing to be located within the MBI must meet several criteria, including having up to six months of working capital, sound management and/or product development team, the potential to produce both local jobs and significant revenues, and the intent to remain in the Toledo business community.
Applications for entry into the MBI can be found at utoledo.edu/diversity, or may be obtained by calling 419.530.5538.
Parking for the event is available in Area 23 and 23E. Directions and a map are available at utoledo.edu/campus/virtualtour.






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