Arizona city plans business incubator with potential grant

City council members in Eloy, Arizona, have applied for a grant from the U.S. Department of Agriculture, which they would use to help start a business incubator in the city, according to the Eloy Enterprise.

Officials told the Enterprise that the city’s downtown area has had difficulty bringing in businesses, and they hope that more new business incorporations will help revitalize the area.

Among the services the incubator would provide are business plan assistance, low rent, free wireless internet and on-site technical assistance, according to the paper. The program would also bring a loan officer to the building two days a week to help companies get the funding they need.

"We’re actually looking at the entire downtown as an incubator, so that existing businesses that are already there can also come for the same help, and will have the same advantages as new businesses would," outgoing downtown redevelopment coordinator Maralan Hutchins told the paper.

While Arizona already has favorable laws and regulations for business – No. 7 in CNBC’s rankings – the Eloy area has been hard hit by the recession. The region is currently dealing with an 11.1 percent jobless rate – well above the national average of 9.3 percent.ADNFCR-3052-ID-19855175-ADNFCR