Small business incubator program set to launch in downtown Fort Smith

Main Street Fort Smith is about to embark on a downtown small business incubator program that Amanda Hager says has worked in other communities and hopes will create a market-proven “business mix” that encourages more downtown business traffic.

Hager, executive director of Main Street Fort Smith, learned about the program at a national Main Street conference. She thought it would help the organization’s work toward reducing vacant space in downtown Fort Smith.

“It was almost a year ago that I learned about this type of program from a Main Street community in a different state,” Hager said. “I thought we should be doing this in Fort Smith. What a great way to activate some vacant store front and also help some small business owners.”

The program provides space for a small business in which the rent, utilities and internet service is free for six months. The first cycle will begin in May and end in October. Near the end of the six months, Hager said, the business owner will decide if the space and business idea is sustainable. If it is, then that person will work directly with the property owner. If not, they move on.

The building is 409 Garrison Ave., and is owned by Griffin Properties. Hager said applications for small business owners or entrepreneurs will be posted March 4 on the Main Street Fort Smith website. The space is likely suitable for just one business, Hager said, but they might select two businesses based on what they learn from the applications.

The incubator plan has “three pillars,” according to Hager. First, it “activates a vacant store front.” That activation increases pedestrian traffic and “retail diversity,” and it is a low-risk opportunity for an entrepreneur to test a business concept. Overall, the idea is to “encourage a business mix that meets the market needs in the downtown,” she said.

“This is a low-risk way for them (small business owner) to test their idea, their business plan,” Hager said. “We want them (business owners) to have a more sustainable small-business community within Fort Smith, and specifically within downtown. … And if it works out, we not only have helped that business, but we now have one less vacant store front on the avenue.”

Hager said the space will be most suited for a retail operation that requires little to no inside work. The program does not provide “build-out funding,” such as sinks, and therefore is not for anyone who prepares food, she said.

“You have to be able to come in and use the space, according to city codes, as is,” Hager said.

Funding for the program is through a Main Street Arkansas downtown revitalization grant. Hager said she hopes the program grows to include two properties at the same time, and leads to a grant that allows them to have a one-year cycle.

Hager stressed that the incubator program allows market forces to select what is successful downtown rather than a person or committee making that decision.

“So, this will be the market that tells us what will work,” she said. “It (program) will identify what the market is willing to support …, and what that business mix needs to be.”