The small business incubator being developed by the Sault Ste. Marie Economic Development Corporation (SSMEDC) now has a location, along with a fitting name. Millworks will be located in the Machine Shop at Mill Square, the former St. Marys Paper site. The complex, when unveiled this summer, will provide space for entrepreneurs to operate their budding companies through the support of direct services, including coaching, mentoring and marketing assistance.
The goal of a SSMEDC’s small business incubator is to assist business owners to help them maximize their potential and develop a sustainable, long-term operation within the community. In fact, entrepreneurs who take advantage of the service have a success rate of more than 80%, compared to about 33% for non-incubated companies.
The SSMEDC is now seeking tenants for Millworks. For current and aspiring business owners who are interested in moving into the facility, please contact Andrew Ross, the Corporation’s Manager of Enterprise Services, at 705-759-5461 or [email protected]
“Millworks will provide a great opportunity for owners of small firms, new startups companies and prospective entrepreneurs,” said Ross. “Taking advantage of our small business incubator will significantly increase their chances of obtaining long-term success. Millworks will feature the resources and expertise to help businesses reach a higher level of operation in Sault Ste. Marie.”
With renovations currently underway at the Millworks site, the SSMEDC is set to take occupancy of the facility on July 1. The small business incubator, which is a critical part of a larger community strategy to revitalize the downtown core of the city, is expected to be fully operational later in the summer.
Millworks is a three-year pilot project made possible with funding from the City of Sault Ste. Marie and senior levels of government. “Given the benefits that small business incubators provide to their host community, in terms of business startups, job creation and wealth generation, investments in this initiative are expected to net a considerable return,” said Dan Hollingsworth, Executive Director of Business Development for the SSMEDC. “We look forward to rolling out this key initiative.”