The University of Wyoming will receive $2.4 million dollars in CARES funding from the federal Economic Development Administration.
Mainly, the funding will go towards the university's business incubators in Sheridan, Casper and Laramie. According to UW, the grant funding will create more than 300 jobs and generate $1 million in private investment.
Scot Rendall, director of Impact 307 in Sheridan, said the money will go towards hiring three assistant directors in each city who will help expand services out to new communities, like Cody, Gillette and Newcastle.
"There are minimal entrepreneurial activities going on in those communities currently in terms of support," he said. "We hope to take that up two or three levels to be able to introduce our program, be able to work with the entrepreneurs, be able to do networking events to get people interested in entrepreneurship and get people interested in our start-up competitions."
Rendall said with Wyoming being forced to consider more revenue streams outside of energy, diversification efforts like this are critical.
"Every new business that we create that's not in that space will help diversification," he said. "We're hoping from an economic development standpoint, we can be successful in helping to develop new types of businesses that will provide employment opportunities and careers for people who may be impacted by their existing jobs or existing industries."
Rendall said they'll also be working with community colleges to provide trainings and courseworks.
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