Traverse City's Downtown Development Authority (DDA) has been awarded a $92,200 USDA Rural Business Development grant to assist with launching 20Fathoms, a downtown tech incubator.

20Fathoms plans to occupy the second floor of 101 Park Street and is "looking to cultivate a thriving and connected startup ecosystem by providing collaborative workspace, easy access to helpful business resources and startup capital, and advanced educational programming geared toward technology and entrepreneurship," according to a DDA press release.

“This grant brings the DDA’s strategic work plan into focus by helping to develop new investment and jobs into downtown Traverse City," says DDA CEO Jean Derenzy. "We look forward to this new opportunity for downtown and the city. The partnership between the DDA, 20Fathoms, and the USDA is an example of collaboration at its best."

20Fathoms is targeting a July opening date and expects to accommodate approximately 20 startups. “The support and commitment from the DDA has been critical in positioning the 20Fathoms technology hub and startup incubator in the most vibrant part of downtown Traverse City, putting us in the best possible position to attract top talent from within the region, as well as from major cities looking to relocate to the area," says 20Fathoms Executive Director Andy Cole. "This is a big step toward achieving our mission of developing a thriving and connected startup community which will, in turn, help to further diversify our local economy."