GREENSBORO, NC,
UNITED STATES, February 15, 2024
-- The Nussbaum
Center for Entrepreneurship (NCFE) announced that it received $750,000 in
funding from Golden LEAF Foundation for The Steelhouse, a major redevelopment
of the 11- acre former Carolina Steel facility in East Greensboro. Pending permitting,
construction is expected to begin in mid-2024.
Golden LEAF funding will be used to install an electrical service and electrical
switch gear to the historic industrial structure. These upgrades are required
to meet today’s manufacturing safety requirements. The Steelhouse, owned by NCFE, is poised to
become an urban center of manufacturing and innovation and a catalyst for new
business
development and
job creation in the Piedmont Triad region. The project will convert the
existing raw space into flexible, scalable spaces that meet the needs of
manufacturing entrepreneurs, farmers, food producers, and
the neighboring
community. Phase 1 is expected to create an estimated 177 full-time recurring
jobs.
“There’s a
desperate need for scalable, affordable industrial space here in the Triad’s
entrepreneurship community,” said Lisa Hazlett, NCFE President.
“While entrepreneurs have abundant access to
office space, day desks or co-working spaces, scalable manufacturing space is
scarce. Without more readily available space, our region’s manufacturing
entrepreneurs will continue to be disenfranchised limiting their growth
potential.”
Sam Funchess,
NCFE CEO said: “Thank you, Golden LEAF for recognizing The Steelhouse’s future
impact and for helping us meet the standards that modern manufacturing
businesses require. We’re grateful to
Guilford County for their endorsement of The Steelhouse for Golden LEAF’s
Community-Based Grants Initiative.”
“Golden LEAF is
pleased to support electrical infrastructure upgrades for The Nussbaum Center
for Entrepreneurship’s The Steelhouse,” said Golden LEAF President, Chief
Executive Officer Scott T. Hamilton. “This project will address a local need
for more small manufacturing and industrial space and create 177 new full-time
positions.”
“I am thrilled to hear that Golden LEAF has
selected The Steelhouse project to receive a community-based grant. The
Guilford County Board of Commissioners made a strategic allocation of $2
million of American Rescue Plan Act funding towards The Steelhouse projectto
help with local workforce and small business development,” said County Manager
Michael Halford of Guilford County. “The additional funds from Golden LEAF will
help move the project forward and create more small manufacturing and
industrial space, which means new employment opportunities in a currently
underserved area – all things that align with the county’s priorities and core
values.” Six Associate businesses
currently located at the Nussbaum Center are prepared to expand, occupying
23.7% of The Steelhouse’s upcoming manufacturing space. Discussions are also
taking place with two Triad companies interested in the remaining 76.3%.
“We will convert
the raw space into individual bays of varying sizes to meet the needs of
small-scale manufacturers and industrial users,” Hazlett continues. “The Steelhouse
is located in an Opportunity Zone, a Qualified Census Tract and is the lowest
per capita Census Tract in Greensboro, NC. The community needs this historic
industrial structure redeveloped and reclaimed for their benefit.”
The Steelhouse
has previously received a combined $6.4 million in funding from city, county
and federal governments and local foundations. The funds from Golden LEAF bring
that total to over $7.2 million.
About the
Nussbaum Center The Nussbaum Center for Entrepreneurship is a 501(c)3
non-profit and has been a magnet and a supportive partner for entrepreneurs, assisting
with services every young business needs to succeed and grow since 1988. For
more information: https://nussbaumcfe.com