The following is an outline of the steps that must be taken in applying for admission to the Franklin Business Incubator (FBI). Also listed are the minimum requirements that you must meet in order to qualify for the program, as well as the criteria by which your application will be evaluated. Please feel free to contact the Small Business Development Manager at 757-562-1958, X303 to ask any questions about this process or to arrange for special assistance in creating your business plan or submitting your application. We do not expect every business to be 'perfect' or it would not need the services of the Incubator.

Application

Download the Application Here

Steps for Client Selection

• Complete the application and submit it by US mail, electronically, or deliver in person to: Manager, The Franklin Business Incubator, 601 N. Mechanic Street, Suite 300, Franklin, VA 23851 (corner of Mechanic Street and Fifth Avenue)
• The Small Business Development Manager will review your application to determine if it satisfies the minimum qualifications as listed below. You will then be notified if your business is eligible for consideration. 
• If you are eligible, you must submit one (1) copy of each of the following materials: 
• Your completed and signed application 
  • Current business plan 
  • Current financial statement 
  • Current personal credit report 
  • At least three (3) professional references
    Note: The Franklin Business Incubator Advisory Board may request additional information to establish or verify that the minimum qualifications are satisfied.

Client Application Review

• The Franklin Business Incubator Advisory Board will review your application and the related information and will evaluate the business according to the evaluation criteria listed below. 
• Should the Incubator Board decide not to consider the application further, you will be notified of their decision. 
• Should the Board decide to accept your application, an interview may be arranged with the business owner(s). The Franklin Business Incubator Advisory Board will then make its final decision. 
• The Small Business Development Manager will notify you of the Incubator Board’s decision. 
• If you are accepted, you will meet with the Small Business Development Manager to review and sign your lease.   

Note: It may take 60 to 90 days to complete this process

Minimum Qualifications for Clients

• The business must be in full-time operation once it moves into the Incubator.
• Prior to occupancy, applicants and businesses must comply, or agree to comply, with all applicable local, state, and federal regulations and ordinances, including applicable environmental laws.

Evaluation Criteria

Applicants will be evaluated on the following key criteria:

• Potential for growth and job creation
• Need for services of the Incubator and willingness to accept assistance when it’s indicated 
• Local economic diversification 
• The viability of the business and potential for success 
• The marketing opportunity and approach 
• The management team 
• Resources available to the business 
• Technologies appropriate to the business 
• The compatibility of the business to the Incubator program and facility

Client Handbook

Download the Client Handbook Here