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FAMU to open small business incubator with help from $100K Wells Fargo grant

FAMU Campus
Posted at 3:09 PM, Oct 19, 2021
and last updated 2021-10-19 15:09:26-04

TALLAHASSEE, Fla. (WTXL) — Florida A&M University is set to open a small business incubator after a $100,000 grant was awarded to the school from Wells Fargo.

The funding will "enable the incubator’s staff to support program participants in exploring the feasibility of their business concepts, launching, expanding and scaling their businesses," according to FAMU.

The small business incubator comes as COVID-19 has disproportionately affected minority-owned businesses as 41 percent of Black-owned businesses have closed permanently, compared to a 17 percent closure rate for white-owned businesses, said Keith Bowers, regional director of the FAMU Small Business Development Center.

The facility will open on Oct. 20 at 10:30 a.m.