Almost $800,000 will go towards helping local businesses in a program run from the old Armidale library.
The University of New England's SMART Region Incubator will use a $798,500 bushfire recovery grant to deliver business support programs.
Operating through its planned new premises in Faulkner Street, called NOVA, the SRI will deliver business resilience and growth programs in an effort to help businesses succeed and to grow the economy.
"NOVA will be a launch pad for entrepreneurs looking to explore agriculture, creative industries, environment, renewable energy, food processing and health," Northern Tablelands MP Adam Marshall said.
He said the premises itself has been designed to foster innovation, delivering a co-working space that includes hot desks, offices, meeting rooms, presentation spaces and a podcast and video recording room.
The fitout of NOVA in the old Armidale Library building on Faulkner Street will be funded by a $900,000 commitment by UNE, supported by a peppercorn lease arrangement for the building with Armidale Regional Council.
"With a focus on getting entrepreneur's ideas from concept stage into practice a variety of workshops will be held by the SRI, networking fledgling operators with those in the know," Mr Marshall said.
"At its heart this project is about giving new businesses every chance they need to succeed, create jobs and contribute to making the economy of the New England as strong as it can possibly be."
The funding comes after the region was hit hard by bushfires in late 2019.
UNE Vice Chancellor and CEO Professor Brigid Heywood said that SRI's NOVA in is in line with UNE's strategy to support resilient regional communities.
"With the backing of the NSW and Australian Governments, NOVA will support solutions that will deliver real impact for this region's business community, as well as emerging entrepreneurs," Professor Heywood said.
"I am excited about the opportunities and innovative partnerships that NOVA will facilitate for businesses, our students and our existing powerful community of business founders linked through UNE's SRI."
The bushfire recovery grant is funded by both the state and federal government and has been delivered through stage two of the Bushfire Local Economic Recovery Fund.
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