US provides $1M grant for business incubator in Albuquerque

ALBUQUERQUE, N.M. (AP) — The federal government is providing a $1 million grant for establishment of a biosciences business incubator in Albuquerque. The Commerce Department says it's estimated the grant for Innovate ABQ Inc. will create 155 jobs, retain 80 jobs and generate $2.5 million in private investment. Commerce Secretary Wilbur Ross says a statement released Wednesday by the department that the grant is part of efforts to "provide entrepreneurs and residents with a new opportunity to grow and develop their own businesses in their local community." The department says the funding will support the design, development and renovation of an existing building for the incubator.