Benefits Include Free Rent and Access to Educational Resources SCORE, SBDC and Kauffman FastTrac
NEW HYDE PARK, N.Y., April 25, 2012 – According to the 2011 Kauffman Index of Entrepreneurial Activity, approximately 440 out of every 100,000 adults in California start new businesses, making California the third most entrepreneurial state in the country. To help small business owners like these, Kimco Realty Corporation (NYSE: KIM) has created Kimco Entrepreneurs Year Start (KEYS), an innovative incubator program for aspiring entrepreneurs seeking to launch their first retail venture, service operation or restaurant. With entrepreneurship up 13 percent in California in the past decade, the largest increase among the five most entrepreneurial states, Kimco will initially focus the KEYS program here. Kimco owns 125 shopping centers comprising more than 3,200 stores in California, and has more than 100 small retail spaces available for KEYS participants.
“We’re going to do so much more than just place tenants in spaces and say, ‘Good luck,’” said Conor Flynn, Kimco’s Western Region president. “We’re going to work with them every step of the way,” he continued, “from the initial planning concepts, selecting locations, obtaining occupancy permits from the city, and advising them on the different stages of building a business.”
In addition, Kimco has developed relationships with established educational organizations such as SCORE, formerly known as the Service Corps of Retired Executives, the California Small Business Development Center (SBDC), Kauffman FastTrac and others that will offer business resources and networking support. Dedicated Kimco advisors will meet with prospective tenants to analyze their potential businesses, examine their growth plans, and explore how they can best succeed.
KEYS program participants will benefit from:
- One year of free rent
- Affordable property charges (NNN) to minimize initial overhead
- Access to personal Kimco retail business counselors
- A flexible four-year lease option after the first year
- Access to shop space in established retail centers
Each interested KEYS applicant will provide a written business plan with specific goals and objectives, and demonstrate adequate funding for their venture. Applicants must be able to articulate their plan for success in an interview. An endorsement, certificate, degree, or letter of completion from small business educational classes or a college or university is also recommended.
The KEYS program launches today in California, where there are currently more than 100 retail and restaurant locations under 2,500 square feet available to entrepreneurs in Kimco centers.
For more information on the Kimco KEYS program or to obtain an application, please visit www.KimcoKeys.com or call 1-888-668-1690.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of December 31, 2011, the company owned interests in 946 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at twitter.com/kimcorealty.
David F. Bujnicki
Vice President, Investor Relations and Corporate Communications
Kimco Realty Corporation