Cookeville To Help Biz Foundry Through Economic Development Funds

Next week the Cookeville City Council is expected to pass its budget on final vote.

This includes a new expenditure line from the economic development fund to put towards the Biz Foundry. Mayor Laurin Wheaton said the council decided to change the Biz Foundry’s designation from a non-profit after learning just how much of an economic driver the organization is.

“They themselves even said they didn’t really like being put in the non-profit category because they realize that a  lot of the non-profits that the city does donate to are doing different things, helping different areas, that they didn’t want to take money from them,” Wheaton said. “So we had that discussion and definitely thought that economic development was where they fit in better.”

Wheaton said the city has funds specifically geared toward economic development, so it made sense to move the Biz Foundry over. She said that frees up additional funding that non-profits would not otherwise have access to.

Wheaton said the Biz Foundry plays a crucial role in helping local entrepreneurs in the community develop and succeeded with business ideas. She said local favorite Meg’s Breads had utilized the Biz Foundry to bolster their business.

“A nurse was looking at developing a glove that would help with arthritis, and I’m in healthcare but I would not have the first idea how to get that going,” Wheaton said. “So what they do with that person is they sit them down and walk them through the entire process: patent, development, prototype, all the way until they have a business going.”

Wheaton said non-profit allocations are decided by a committee made up of Cookeville citizens, not the city council. She said they work to decide how to donate from the city non-profit funds because the city understands the return on investment non-profits bring to the community.