Current through Register Vol. 54, No. 45, November 9, 2024
Section 41.4 - Application review and awards(a)Review of application. The Board will review applications based on the following criteria: (1) The ability of the local sponsor to demonstrate its management capability.(2) The economic impact of the incubator on the community as measured by the number of firms that could be housed in the proposed facility, the job creation potential of the firms, the actual need for the type of space and services offered by the incubator and other factors that are identified in a feasibility report.(3) Linkage with area-wide and local economic development plans including the regional strategy of the ATC serving the geographic area in which the incubator is located.(4) The location of the incubator, in order to encourage geographic distribution of incubators across this Commonwealth.(5) The level, quality and long-term commitment of local support for the proposed incubator.(6) The ability of the local sponsor to meet the financial commitments of operating an incubator, including repayment of a small business incubator loan and repayment of other financial obligations incurred in establishing the facility. In evaluating this criterion, the Board will consider:(i) Equity of the local sponsor in relation to total project cost.(ii) Income in relation to total project cost.(iii) Extraordinary items of income and expenses reflected in income statement.(iv) Cash flow in relation to project debt service.(v) Current working capital.(vi) Total debt to equity ratio.(vii) Net income, contingent liabilities and the ability to finance the working capital.(7) Availability of physical, financial and management support services.(8) The extent to which the incubator serves an economically distressed area or an enterprise development area.(b)Limitation on awards. The Board will award loans and grants up to the limit of available funds. If funds are not available, the Board will consider additional applications but will not make awards until additional funds are available.