“This site, built over a hundred years ago in 1917 was once a school,” shares Dale Kroop, Executive Director of the Hamden Economic Development Corporation, an independent, 501(c)(4) Corporation that serves as an additional tool for developing the tax base in Hamden and as an advocate for businesses in town. “Soon, it will be converted into a business incubator, providing 25,000 square feet of rentable space ideal for small businesses and start-ups. This historic building will have gone from fostering the growth and development of children to the development of businesses.”
In addition to co-working space, the Hamden Business Incubator will offer shared services, conference rooms, secured parking, and other amenities. Remaining a place for learning, the building will house business mentoring services, domain experts, and educational opportunities for businesses throughout the region. Plans are underway for developing maker spaces and specific laboratory areas in the site of the former gym.
“This is a complicated process and it requires many sources of funding,” continues Dale. “To finish, the project needed a bridge loan and that’s how I found Guilford Savings Bank (GSB). I chose them because of the Bank’s experience in community revitalization and reputation for community involvement. Immediately, the lending team at GSB understood the project and helped make it happen for us.”
GSB is proud to be part of this project, not only as a lending partner, but as a community-focused institution. We look forward to witnessing the bright futures of the businesses who will begin in these historic hallways.
“Sometimes, you move forward by preserving the past,” concludes Dale.