Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part II - Workforce and Technology Development
Chapter 41 - SMALL BUSINESS INCUBATOR PROGRAM
Section 41.4 - Application review and awards
Universal Citation: 12 PA Code ยง 41.4
Current through Register Vol. 54, No. 44, November 2, 2024
(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.
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