A business incubator at the University of Toledo will receive $50,000 from the U.S. Small Business Administration to provide young companies with resources including help in raising investments.

The money will be used by UT’s Toledo LaunchPad Incubation Program, which helps business ventures move from concept to commercialization.

The award, one of 85 announced Wednesday for a total of $4.25 million, aims to help technology startups gain access to the Small Business Innovation Research program.

First Published November 3, 2016, 4:00 a.m.