TAC Incubator Process for Entry
- Preliminary meeting with Director of Development, SBS Business Counselor and TAC Project Coordinator to discuss goals and objectives of incubator program and applicant’s specific needs.
- Tour of facility and determination of space availability and client service requirements.
- Application submitted electronically, please, with required documentation:
- Current Credit Report including your score
- Maryland Good Standing Certificate
- Business Plan, including milestones
- Three-year financial information, which includes profit and loss statements,
- Balance sheets and tax returns
- References—trade and professional
- Certificate of insurance
- EDC staff will conduct due diligence when the application is completed and EDC will then present those findings to TAC Advisory Board Review Team.
- TAC Advisory Board reviewers (SBDC; TEDCO) provide comment based on Criteria for Selection, including areas where applicant business plan may need work. Recommend whether or not applicant is a good candidate for the program.
- Follow up meeting with staff and prospective client with possible outcomes of application:
- If accepted into the program, develop milestones for Exhibit E of the License Agreement; or
- Continued work with counselor needed in order to qualify; or
- Assignment to waiting list for space; or
- Referral to alternate program
- Sign License Agreement
- Order telephone and other services (usually five to ten business days)
- Move in!
Provided that the application and all accompanying documents are complete, and there are minimal questions or need for additional information, a decision by the review team may be expected between 14 and 30 days from initial receipt of application.
To learn more about the EDC TAC program contact us.