Selection Criteria

1.

Applications will need to include the following information

  • 2 years of financials (Profit and Loss, Cash Flow statements, Balance Sheets) and

  • 2 years financial projections or must have funding to sustain your business for a minimum of 2 years

  • A statement- why they want their business located in the community

  • 2-3 References- will not accept multiple referrals from the same organization

2.

Who makes the decision?

  • A committee of 5-6 comprised of Commercial Land Trust Advisory board members, and Commercial Land Trust members will review applicant information, interview applicants, make a written recommendation.

  • The recommendation will go before the entire Advisory Board for final

    approval.

  • Rejected applicants request a meeting with the board for a listening session. (Applicants who are rejected will be told why they are rejected. They can apply later as circumstances change.)

3.

The commercial space is created with the goals of creating an African
American/BIPOC business (For-Profit, Non-Profit, Social Enterprise) node with
affordable business commercial space for BIPOC owned businesses that are in
danger of being displaced, expanding or relocating and are interested in owning the
space in which their business operates. The selection criteria are designed to
prioritize leasing the commercial space to those businesses that will contribute to
this goal. The following criteria will be used in order to determine if a business
contributes to these goals:

  • Increasing vitality and street traffic

  • Business owners with connections to the community

  • African American business owners

  • The financial soundness and feasibility of the business plan

  • No Large Chains or franchises

  • No liquor stores

  • No predatory businesses

  • Providing goods/services needed by the community- that are not already in the community – for example: 

  • Copy /Printing Shop

  • Professionals like:

  1. Accountant

  2. Therapist

  3. Attorney

  • Restaurants

  • Hardware store

  • Electronics repair

  • Shoe repair

  • Tailor

  • Artists

  • Optical store

  • Book store (new and/or used)

  • Animal Groomer

  • Cosmetology/Barber

  • Local Chains or Franchises

  • Responsive to the needs of green energy