Drexel works on revitalizing itself

$100,000 grant will create small-business incubator

Drexel Town Manager Matt Settlemyer discusses the town's new small business incubator on June 23.

By: Sharon McBrayer | Morganton News Herald
Published: June 30, 2010

DREXEL --

Town officials here hope a $100,000 grant will help them revitalize Drexel.
The Golden Leaf Foundation awarded Drexel the grant to create a small-business incubator in the downtown area. The grant is part of the Community Assistance Initiative that allots $2 million per county. The foundation works directly with towns to understand local priorities and challenges and come up with a priority list of plans for funding consideration.
Drexel will use its grant money to renovate part of a building across from the ballfields of the old Hallyburton Middle School.
Drexel bought the 6,000-square-foot building in mid-2007 for $105,000, said Town Manager Matt Settlemyer. It divided the building into three spaces, each with about 2,000 square feet, and renovated two for use by new businesses. Settlemyer said Drexel will apply the grant to renovating the third space.
A tile and hardwood flooring business already occupies one space. Settlemyer said a florist and photographer are among those interested in opening the second. He’s talked to Western Piedmont Community College about possibly using the store yet to be renovated as an art gallery and studio for artists.
The town partnered with the Small Business Center at the community college, which has programs to help and encourage people who want to start a business.
The goal for the business incubator is not only to revitalize the business climate in the town, but also give people a place to get their businesses off the ground and running and to create jobs.
Businesses will pay the town rent for each space. Settlemyer said a business could stay in one of the incubator stores for three years. After the business becomes established, it can relocate and rent from the private sector, freeing up room for another business getting started.
Settlemyer said it will take about six months for the town to renovate the third store and get it ready for a tenant.
“I don’t know if this will work entirely, but we had to try something,” he said.
The national economy tanked over the last two-plus years, but Drexel’s has been troubled for much longer, Settlemyer said, due to losing furniture-manufacturing jobs.
Stimulating retail business is one part of a three-part plan to make Drexel vital again. The others are creating a small downtown park as a center for community activities and doing something with the old Drexel Heritage plant.
Drexel has applied for an N.C. Parks and Recreation Trust Fund grant to create the park. It will include a brick amphitheater, water feature, possible picnic area and horseshoe pit, according to one plan. Town officials hope to hear by July 14 whether Drexel got the grant. If it doesn’t, Settlemyer said the town still plans to build the park, but likely will have to do so in phases.
Settlemyer hopes something can be done with the 500,000-square-foot Drexel Heritage Furniture building and the 80 acres it occupies. He said some companies have expressed an interest in it, but there are no takers yet.