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Economic Development Incubator on the Grow in Orem
Added: 01/04/2007 Type: Summary Viewed: 73 time(s) [ Not Rated Yet ]

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Economic Development Incubator on the Grow in Orem

The Commission for Economic Development in Orem (CEDO) today announced it has reached the $9,000,000 milestone in small business loans issued during its 20 year history through its Business Incubator and Revolving Loan Fund (RLF). During that time the CEDO Business Incubator and RLF have assisted the launch of 250 companies that have created more than 2,500 jobs in Utah Valley. CEDO currently has more than one million dollars in loans in its current Revolving Loan Fund and serves a dozen early stage start-up companies. Each of these companies seeks the success enjoyed by distinguished incubator graduates of note including PowerQuest, 1-800-CONTACTS, K-TEC (Blendtec), and Granny B's Cookies.

"The vast majority of people in the U.S. are employed by small businesses," stated Brad Whittaker, executive director of CEDO. "Our continuing objective is to assist small businesses in gaining the traction necessary to grow and create jobs."

Our continuing objective is to assist small businesses in gaining the traction necessary to grow and create jobs.

One of the shining examples of the success of the CEDO Business Incubator is K-TEC, whose Blendtec division is enjoying phenomenal success nationwide with its "Will It Blend" campaign to promote their industrial strength line of blenders for commercial and residential use. Leveraging new rich media technology available on the Web, the "Will It Blend" video series has been viewed more than 12 million times in just six weeks.

"CEDO has played a significant role in the success of K-TEC," stated Tom Dickson, CEO of K-TEC. "Small businesses need supportive partners like CEDO to get the jumpstart needed to gain traction in the market place. We are pleased to be a successful graduate."

CEDO, the Commission for Economic Development in Orem, is a non-profit organization that serves as an advocate for Orem businesses. The Business Incubator makes three year loans of up to $80,000 for projects approved by the Incubator board. Common office space and technology access further facilitate incubated businesses. The CEDO staff works closely with Orem business professionals and Orem City officials to promote the economic vitality of Orem.

About CEDO
With experienced staff members and multiple resources, CEDO provides a variety of services for Orem's new and existing businesses. Some of these services are a small-business incubator, revolving loan fund, business plan writing assistance, demographic information, and help finding networking contacts in the business community.

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