Applications are now being drawn up by local organizations that hope to obtain federal grant dollars for redevelopment projects that are identified in a new plan to revitalize Clinton County’s economy.

According to Clinton County Economic Recovery Coordinator Rafeal Underwood, two proposed projects that have strong chances of receiving Economic Development Administration (EDA) funds include the formation of a countywide loan fund that would be a source of capital to help retain or expand existing businesses and the creation of a business incubator facility for the biotechnology and agri-business sectors.

Underwood prepared the redevelopment strategy document, under the direction of a committee comprised of 20 local participants.

“I am fully expecting the revolving loan fund project to get funded and, if not funded on this round, I would certainly expect the Kettering Hall bioscience incubator project to be funded. Even if we don’t get it (business incubator) funded on this first round, we should be able to get it funded on the second round. So, I’m cautiously optimistic about a couple of economic development projects in there (strategy document),” Underwood said this week.

In order to access EDA funds, an economic development strategy document must be compiled. For a proposed project to qualify for EDA funds, the applicant has to be either a public sector or a non-profit entity. Private for-profit businesses are not eligible because the funding is in the form of grants which don’t have to be paid back, Underwood said.

While Underwood is optimistic about getting the projects funded, he acknowledges there is no guarantee.

The decision is up to the EDA, which is broken down in regions, with Clinton County within the Chicago region. States in that region include Minnesota, Wisconsin, Indiana, Michigan and Ohio.

The awarding of EDA grants is a competitive process, said Underwood, further noting that the economies of Michigan and Indiana are hurting because of the problems in the auto industry.

“By no means are we guaranteed anything. But we think we will have some projects funded,” he said.

Underwood was asked about the proposed biotech incubator.

“It is an attempt again to add some diversification to the economy by getting into fields that we know the State of Ohio is targeting. The State of Ohio is targeting the biosciences industry. The State of Ohio makes its biggest investment, business development-wise, in the biosciences. So you want to take advantage of that by trying to diversify your economy to include that, whether it’s agricultural research, medical research, biofuels or alternative energy. Our new president also wants these things to come to the forefront,” he said.

A key goal of the business incubator project is to spawn businesses that could rapidly grow and provide job opportunities for the economically distressed community.

The biotech incubator would be built as part of a major expansion and upgrade of the Kettering Science Center at Wilmington College.

The application for the incubator construction project probably will request between $4 and $6 million from the EDA.

“A lot of times that’s a big chunk for the EDA to bite off, but on the other hand, what makes me optimistic is the EDA loves to fund business incubators because they promote new business, generate job creation and drive private investment,” said Underwood.

Clinton County Regional Planning Director Chris Schock said the facility would furnish the research and laboratory components, making it possible for firms to lease the space and develop products. A second aspect would be to train people for the biosciences industry.

Of the prospect of a countywide revolving loan fund, Underwood indicated there is “a (funding) match in the works” at the state level for a business loan program in Clinton County. Currently, Clinton County does not have a revolving loan program to assist existing businesses.