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General Laws

Section 21. In addition to other requirements contained in this chapter, each incubator development plan or loan, loan guarantee or grant application related to a small business incubator facility shall:

(i) make provision for a professional business manager or be accompanied by a contract between a professional management service and the incubator sponsor. Said business management contract shall include whenever possible but not be limited to the regional Small Business Development Centers established pursuant to 15 USC 648, if such assistance is provided without charge to said sponsors;

(ii) contain a needs analysis demonstrating a shortage of small units of industrial space for businesses in the service area of the proposed facility; and

(iii) adequately demonstrate the capacity of the recipient to make or administer loans or investments to capitalize businesses that are or will be served by said facility.

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