The South DeKalb Business Incubator (SDBI) has received the world’s first ever designation as an incubator that was named a Foreign Trade Zone (FTZ) by the National Foreign Trade Zone Board.
The incubator, which houses 25 small businesses, plans to assist small import/export businesses at this location within the next 90 days, Richard Younge, the incubator’s executive director, told GlobalFax.
He said SDBI is encouraging micro-enterprises interested in importing merchandise from countries that have high duty rates to apply now for a space at the incubator’s industrial site in Decatur.
Firms in the FTZ do not pay duties on imported merchandise, and goods can be imported directly into the incubator from abroad without having to go through U.S. customs.
Mr. Younge said the idea of this first-ever incubator FTZ is to help small- and micro-enterprises compete with larger ones.
Only members of the incubator program can import at FTZ duty rates. There are two other FTZs in Georgia, one near Hartsfield International Airport and another in Peachtree City.
The SDBI is also seeking partnerships with international incubators to be corresponding agents in their respective countries.
Visit www.sdbusinc.org or call Mr. Younge at (404) 378-7667.