Southwest Georgia Business Development Center
Tenant Admission Policies

In order to be eligible for initial consideration by the BDC and its Board of Directors, the applicant should be a newly formed or expanding service industry, research and development firm, assembly or light manufacturing company, or a business specializing in advanced technologies.

1. The Initial Interview

The first step in the admissions process is an interview with the BDC Manager.  The Manager will determine from the interview whether or not the prospect meets basic criteria, is compatible with existing tenants, and can be accommodated within the confines of the building. At this time the prospect is welcome to inspect the premises, discuss rental terms, tenant services, and receive initial counseling.

2. The Application and Business Plan

If, in the Manager's opinion, the prospect meets eligibility requirements, the applicant must complete the BDC Tenant Application.  Resumes may be referenced to highlight the prospect's experience and educational background.  The prospect must also complete a 12 month cash flow analysis and a business plan.  Assistance in preparing these submissions is available through the BDC Staff and referral organizations at no charge.

3.  Presentation to the BDC Client Selection Committee

Upon completion of all submittals, the BDC Manager will schedule a presentation to the BDC Client Selection Committee. Topics of discussion will include:  the applicant's background/experience which qualifies him/her for the work proposed; a concise product/services description; market analysis; and past or projected cash flow figures.  The Committee may request additional information before making a recommendation to the Board of Directors.  The CDEC Board of Directors may admit or reject applicants at their discretion.

4.  The Lease Agreement

Upon acceptance by the BDC Board of Directors, the tenant will sign a Lease Agreement.  He/she must show proof of insurance liability coverage as specified in the Lease and pay the first month's rent and a deposit equaling one month's rent prior to receiving access to the building.

Upon execution of the Lease, the tenant will receive:  A Tenant Handbook and Services Guide; one (1) set of keys to the contracted office/manufacturing space and the main entrance to BDC; a security and fire safety directive; and other materials as may be generated by the staff.

5.  Records Review Policy

The records review policy as contained in the lease agreement is as follows:
Immediately following the end of each quarter during the term of the Lease Agreement (unless otherwise specified) Tenant shall provide to Landlord the following information, which shall be treated by Landlord as confidential and proprietary to the extent allowed by applicable law:

Current business plan.
Financial statements including balance sheet and income statement.

Statement of ownership of company, including number of shares of stock, by class, held by each owner.

Employment data for the following:

• Number of employees
• Names of employees
• Names of members of board of directors
• Tag number of all employee vehicles

6.  Graduation from Facility

The graduation policy will generally be set between 3 to 5 years to allow flexibility.  The purpose of the Center is to assist the entrepreneur in reaching a solid business foundation in a subsidized environment.  The facility is not intended to serve as a real estate enterprise with tenants paying market rents.  It is essential that tenants be placed on a graduation track that will give them specific goals to achieve.  Those businesses which demonstrate an inability to make progress despite subsidized assistance should be removed to make room for a more viable enterprise.

7.  Financing

Businesses receiving assistance through BDC will also be given priority to receive assistance from the Dooly County Revolving Loan Fund.  These funds can be used for fixed asset subordinated financing.  BDC staff will coordinate with the Dooly County BDC on all matters concerning the Dooly County RLF.

In addition, Fort Valley State University has an Intermediary Relending Program to allow access to capital for higher risk ventures.  BDC staff will coordinate with FVSU to package loan applications to the IRP.

8. Parking

The parking areas for employees and visitors are located in the front and sides of the building.  Spaces for handicap parking are reserved near the front doors.  The area behind the building is to be used for trucks loading and unloading only.

Tenants will be required to provide tag numbers for all vehicles used by tenant and tenant's employees.

9. Smoking Policy

BDC is a smoke free building.  Designated smoking areas outside of the building are clearly marked.  Please do not litter the area with cigarette or cigar butts.  Additional policies and procedures are outlined in the Tenant Handbook and Services Guide.  Strict adherence to all policies and procedures will be enforced.  Any tenant found to have disregarded these policies and procedures three times will be subject to removal from the building and tenant's lease will be considered null and void.
 

10.  Opening Up Facility

It is the responsibility of the incubator staff to open and close the main entrance to the facility Monday through Friday for regular business hours.  However, if a tenant's business hours are different than those defined in Section 1.5, they will be responsible for opening and closing the facility and turning lights on and off.

11.  Closing Up

At 5:00 PM each day the receptionist will turn off the copier (unless it is being used) and the lights in the common areas, unless a tenant requests that these lights remain on until their close of business, at which time the tenant will be responsible for turning off lights in the building.  Tenants are responsible for securing their primary interior and exterior doors.  The front door will be locked by the incubator staff, unless a tenant's business hours are after 5:00 PM.  Any person exiting the building after 5:00 PM and any of the other hours of the week not defined as regular business hours in Section 1.5 shall be responsible for locking the building.

The EZ Board shall have sole responsibility for determining the proper amount of rental subsidy to be provided each applicant.  The Board will analyze the financial statements, balance sheets, and profit and loss statement to determine the necessary appropriate amount of subsidy to be provided.

The limiting factor as to the subsidy amount will be the necessity of the facility to generate sufficient cash flow to meet expenses.  Therefore, the subsidy shall be somewhere between the market rate and the required base rate to meet expenses.

BDC will review each tenant's financial position on an annual basis.  This review will be to determine the proper subsidy amount for the forth coming year. BDC will utilize an annual lease agreement for each tenant.  This agreement will spell out services required by the tenant during the lease term.