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TAC Incubator Process for Entry

  1. 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.
  2. Tour of facility and determination of space availability and client service requirements.
  3. Application submitted electronically, please, with required documentation:
    1. Current Credit Report including your score
    2. Maryland Good Standing Certificate
    3. Business Plan, including milestones
    4. Three-year financial information, which includes profit and loss statements,
    5. Balance sheets and tax returns
    6. References—trade and professional
    7. Certificate of insurance
  4. EDC staff will conduct due diligence when the application is completed and EDC will then present those findings to TAC Advisory Board Review Team.
  5. 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.
  6. Follow up meeting with staff and prospective client with possible outcomes of application:
    1. If accepted into the program, develop milestones for Exhibit E of the License Agreement; or
    2. Continued work with counselor needed in order to qualify; or
    3. Assignment to waiting list for space; or
    4. Referral to alternate program
  7. Sign License Agreement
  8. Order telephone and other services (usually five to ten business days)
  9. 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.