American Rescue Plan in Downtown Roseville
Roseville, Calif.- The City of Roseville, in partnership with the Growth Factory, is launching Roseville Venture Lab in Downtown Roseville. City Council approved plans for the business accelerator and incubator at the May 18 meeting. The Growth Factory will operate the entrepreneur center to strengthen the local startup business environment and spur job growth.
Opening this summer, Roseville Venture Lab will begin fostering a community of entrepreneurs and small businesses through targeted programs, community partnerships, workforce development and events.
"Our city understands the value of a pro-business climate. Launching the Roseville Venture Lab keeps us competitive, provides benefits entrepreneurs, start-ups and local businesses can gain from, and fuels innovative economic growth by attracting capital and talent," shared Roseville Economic Development Manager Wayne Wiley.
Analysis by the Greater Sacramento Economic Council conservatively estimates a direct economic output exceeding $5 million by the fifth year of operation.
Helping our local entrepreneurs
"This partnership between the Growth Factory and the City of Roseville represents a significant investment in helping our local entrepreneurs to launch and grow their businesses here. Entrepreneurs solve the world's biggest problems. They take the risks and make the sacrifices. And, when they succeed, our entire community benefits from job creation, investment returns, innovative solutions, and much more. Together, we are a winning combination for the future. And together, we will help drive the Backyard Advantage," said Mark Haney, Growth Factory Founding Partner.
The nonprofit Growth Factory will operate the entrepreneur center in 2,416 square feet of City-owned space at 316 Vernon Street. Programming will be overseen by the City and a five-member advisory committee.
Cost
Costs for the first three years are estimated at just under $1.16 million, funded by the federal American Rescue Plan Act. Future sponsorships and community partnerships may offset program costs. No City of Roseville General Fund money is contributing to the program.
Tenant improvements will provide approximately $330,000 in capital investment for the City-owned office space. Over the term of the five-year lease, rent revenue to the City's General Fund will total $114,960.
ABOUT AMERICAN RECOVERY PLAN ACT
Passed along partisan lines, The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package, is a US$1.9 trillion economic stimulus bill signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. (Read the Full Text of the Bill)
About Growth Factory
Based in Rocklin, the Growth Factory is a nonprofit startup accelerator with an accompanying early-stage venture fund that builds and invests in startups primarily focused in FinTech, MedTech, and GovTech industries. With a focus on capitalizing on the region's existing assets, known as the "Backyard Advantage," the Growth Factory has reimagined the traditional accelerator model to address the vital needs of entrepreneurs by providing early-stage founders from northern California with capital, capacity building programs, and a community of investors, mentors, customers and advocates.
