Growth Enterprises Nashville, Inc
315 Tenth Avenue North
Suite A
Nashville TN 37203
Mission Statement
The mission of the Nashville Business Incubation Center is to cultivate the growth and development of small businesses through one-on-one support, mentoring, programs, and classes.
CEO/Executive Director Ms Angela Jones
Board Chair Ms. Charlotte Peacock
Board Chair Company Affiliation
History & Background
Year of Incorporation 1986
Organization's type of tax exempt status 501-C3
Financial Summary
Projected Expenses $550,552.00
Projected Annual Revenue $541,070.00 (2016)
Mission The mission of the Nashville Business Incubation Center is to cultivate the growth and development of small businesses through one-on-one support, mentoring, programs, and classes.
Background In 1983, the Economic & Community Development Department of the Tennessee Valley Authority (TVA) submitted a proposal to Congress for a three-phased Nashville Project. The purpose of the proposal was to assist in job creation in economically deprived areas of Nashville. The Fifth District Congressman sponsored the bill and was successful in securing federal funds for the project. The Incubation Center represents Phase 2 of the Nashville Project. Its concept is to help decrease the enormous failure rate of small businesses which normally occurs during the first five years of operation, by providing the managerial and technical assistance needed to help assure business success and, low-cost rental facilities. TVA provided a total of $1,050,000 for construction of the original 18,000 square-foot facility, and operating funds for the first six years. The Center officially opened in 1986 as a non-profit incubator and housed up to 10 small businesses. Management of the project was designated by TVA to a board of private businessmen in the Nashville area. Such a board was formed in 1984 and became Growth Enterprises Nashville, Inc. (GENI). By formal agreement, actual operation of the Center was designated to Tennessee State University (TSU). The Economic Development Administration, U.S. Department of Commerce, awarded a $1.4 million grant for physical expansion of the facility in 1994. The expanded 39,000 square-foot facility houses up to 22 businesses, and includes a 2,000 square-foot training facility in which entrepreneurial training will be developed for the community. The building rests on land owned by the Tennessee Board of Regents. The site is a portion of the Avon Williams Campus of (TSU). The Nashville Business Incubation Center (NBIC) is an outreach program of the TSU College of Business. NBIC is a three-pronged partnership between TVA, TSU and GENI.

NBIC clients created 22 jobs, grossed over $17.7 million in sales, secured $10.4 million in government contract awards, and secured $384,000 in capital funding in 2014-2015.  NBIC clients also employed 237 people in 2014-2015.

Tailor entrepreneurial education to CEO learning level.Increase programming to include a building blocks series for beginning entrepreneurs.Continue to provide our clients with a solid business foundation through coaching, training, housing and subsidized services.


 Volunteers are an integral part of NBIC.  Our educational programming relies heavily on industry leaders and specialists who offer their services in support of entrepreneurial training.  NBIC also accepts volunteers desiring to work one-on-one with business owners.
   NBIC boasts a 2,000 square foot training center available for client and community use.  The technology and furniture available for use in the training center is outdated.  Smart classroom components are needed to fully utilize the room.
   The NBIC Student Business Incubation Center is in need of volunteers and supplies.  Students chosen to participate in this program are given access to office space, laptops, business machines and follow the NBIC program for 12-months. General office supplies, technology, volunteers, and mentors are needed in support of this program.

   NBIC is developing a digital, online resource library that will be available to the public.  Among the resources will be training videos taken from our community training events.  NBIC needs higher quality video production materials in support of this effort.  Volunteers trained in video production and editing are also needed.  


Other ways to donate, support, or volunteer NBIC welcomes donations and volunteers in support of our programs. Monetary donations are accepted in person at our offices during regular business hours 8:00 am until 4:30 pm, Monday-Friday, via mail services, paypal or Giving  Please contact the NBIC staff at to arrange for in-kind donations and volunteer opportunities.
Service Categories
Primary Organization Category Community Improvement, Capacity Building / Small Business Development
Secondary Organization Category Education / Management & Technical Assistance
Tertiary Organization Category Public & Societal Benefit / Management & Technical Assistance
Areas of Service
Areas Served
TN - Davidson
TN - Bedford
TN - Cannon
TN - Cheatham
TN - Clay
TN - Coffee
TN - Cumberland
TN - Davidson
TN - Dekalb
TN - Dickson
TN - Fentress
TN - Franklin
TN - Giles
TN - Hickman
TN - Houston
TN - Humphreys
TN - Jackson
TN - Lawrence
TN - Lewis
TN - Lincoln
TN - Macon
TN - Marshall
TN - Maury
TN - Montgomery
TN - Moore
TN - Overton
TN - Perry
TN - Pickett
TN - Putnam
TN - Robertson
TN - Rutherford
TN - Smith
TN - Stewart
TN - Sumner
TN - Trousdale
TN - Van Buren
TN - Warren
TN - Wayne
TN - White
TN - Williamson
TN - Wilson
The traditional NBIC program is limited to businesses in Davidson County.  The Incubator Without Walls program is available to any business located in the state of Tennessee. 
Board Chair Statement

CEO Statement    The Nashville Business Incubation Center offers entrepreneurs the support and tools necessary to succeed at business.  NBIC is focused on sustainable growth, ensuring NBIC clients the opportunity to become NBIC graduates, and leaders in their fields.  NBIC's programmatic approach to entrepreneurship, and small business growth and development provide business owners the foundation needed to support their business, no matter how large it may grow.  Training and educational events at NBIC are designed for both breadth and depth, ensuring entrepreneurs at every level of success are learning and growing throughout each event.  
   NBIC clients  receive twice monthly business coaching, training events, access to NBIC facilities and business machines including the NBIC Conference Room and Training Center, reduced office space rental rates, accountability partners and subsidized services.  NBIC is focused providing clients with tools needed to cultivate their business to help them reach and exceed business goals.  NBIC training covers financial literacy, human resources, marketing, legal structure and the importance of being a responsible business owner through tax training, staff expansion strategy and community involvement.  NBIC is currently developing programs specifically geared towards women, minority and veteran owned businesses.

Women, minority and veteran owned businesses have traditionally faced barriers in commercial arena.  NBIC is developing a community outreach program to allow these underutilized sectors to gain the training needed to succeed.  Specialized series events focused on doing business with the metro, state and federal governments, and industry specific training series will guide business owners to success.  The incubation program has many years of proven success in these areas and plans to offer these strategies to the community at large.
Description The traditional incubation program provide management and technical assistance, on-site support services, and affordable rental space in a unique environment that fosters business growth and development. Located on the downtown campus of Tennessee State University, NBIC provides 25 suites in which businesses operate. Suites range in size from 130 to 2000 square feet. The annual rental rate begins at nine dollars per square foot and increases one dollar per square foot each year of occupancy. The traditional incubation program generally lasts five years. The chance that a new business will survive the first five years is around 50 percent. NBIC provides small companies the support necessary to grow and develop, and our graduates have a 96 percent success rate. Ninety-four percent of all businesses in Tennessee are categorized as small businesses. The quality of life in our communities is directly affected by the level of support for small business owners.
Population Served , ,
NBIC offers individual office suites with the added benefits of community-building and networking. Suite rental comes with the added bonus of consultation, coaching, and counseling with NBIC staff. Units range in sizes 130 to 400 square feet.
Amenities: Furniture, Phone, Internet, Heating & Air, Mail Service, 24-Hour Access, Common Area Maintenance, Convenient parking, Use of conference room and training center 8:00 to 4:00.
Population Served , ,
The Incubator Without Walls Program exists to work with business owners that do not need a physical location within the incubation facility.  Up to 5 companies can participate in this program at any given time:
The business owner is required to:
  1. Submit Financial and Monthly Reports by the 15th of the month.
  2. Attend mandatory Monthly meetings on the second Thursday of each month. Lunch and materials will be provided.
Benefits to the client:
  1. Copy Machine $0.07 per copy to be invoiced quarterly.     
  2. Postage meter at the actual cost of postage used to be invoiced quarterly.    
  3. Fax machine at the rate of $1.50 per page, including incoming & outgoing service. 
  4. Conference Room:  3 uses per month, up to 2 hour blocks per use for a total of 6 hours per month. A fee of $25.00 per hour will be charged for additional time.
  5. Training Room:  1 use per month, up to 3 hours per month. A fee of $35 per hour will be charged for additional time. 


Population Served , ,
Description NBIC reaches out to the TSU student body each Spring to identify four student-run businesses that would benefit from the NBIC programmatic approach to business ownership and development.  Selected students receive a 12-month membership at NBIC featuring all of the benefits of traditional incubation including office space in the Acorn Suites.  Students are assigned a business coach who serves as a mentor throughout the 12-month program.  The program culminates with public student presentations.
Category Education, General/Other Student Services
Population Served Other Economic Level, Adults, US
Short Term Success The NBIC Student Business Incubation Program provides TSU junior, seniors and graduate students with a unique opportunity to develop their businesses prior to graduation.  Successful graduates of the program have a viable and operating business upon completion of their TSU degree.
CEO Comments NBIC offers a variety of programs to support entrepreneurs in their growth efforts.  The traditional NBIC program is unique in that it offers an academic approach to business ownership along with a support system geared toward micro-enterprise.  The five year program allows for businesses in all stages to provide entrepreneurial support throughout their tenure at the incubation center, whether asking for advice from a fellow business owner in their first year or giving advice in their fifth.  The biggest programming challenge the program faces is finding micro-enterprises who understand and are willing to embrace a more traditional and academic approach to entrepreneurship with proven programs that include business process reviews, accountability partners, business coaching and educational events.  NBIC currently depends on the referrals from stakeholders, bankers, procurement officers and SBDC.
Board Chair
Board Chair Ms. Charlotte Peacock
Term Jan 2016 to Dec 2017
Board Members
Mr. Ricardo Anders AtibaVoting
Dr. Glenda Baskin-Glover Tennessee State UniversityVoting
Mrs. Angela Crane-Jones Nashville Business Incubation CenterExofficio
Mr. Alexander Davie Riggs Davie PLCVoting
Ms. Sheila Ewing-Agnew State of Tennessee Central Procurement OfficeVoting
Mr. Avery Fisher RemedifyVoting
Mr. Jarad Garshnick HealthTrustVoting
Mr. Don Hardin Don Hardin GroupVoting
Mr. Chadwick Martin Martin Automotive GroupVoting
Mr. Reggie Mudd State of Tennessee Economic and Community DevelopmentVoting
Mr. Todd M. Nisbet North HighlandVoting
Ms. Charlotte Peacock Pinnacle Financial PartnersVoting
Mr. Matt Perkins United Capital FundingVoting
Dr. Ruthie Reynolds Tennessee State UniversityExofficio
Mr. JJ Rosen AtibaVoting
Mr. Josh Rosenblatt Frost Brown Todd LLCVoting
Mr. Anthony Tate Tate CommercialVoting
Mr. David Wilson United Parcel ServiceVoting
Board Demographics - Ethnicity
African American/Black 8
Asian American/Pacific Islander 0
Caucasian 10
Hispanic/Latino 0
Native American/American Indian 0
Other 0
Board Demographics - Gender
Male 13
Female 5
Unspecified 0
Board Term Lengths 3
Board Term Limits 2
Board Meeting Attendance % 80%
Does the organization have written Board Selection Criteria? No
Does the organization have a written Conflict of Interest Policy? Yes
Percentage of Board Members making Monetary Contributions 13%
Percentage of Board Members making In-Kind Contributions 27%
Does the Board include Client Representation? Yes
Number of Full Board Meetings Annually 4
Standing Committees
Board Governance
Program / Program Planning
Risk Management Provisions
Life Insurance
Medical Health Insurance
Workers Compensation & Employers' Liability
Additional Board Members
Mr. Charles Grant Baker Donelson Bearman Caldwell & Berkowitz, PC
Mr. Floyd Weekes Citizens Bank
CEO Comments In order to thrive in the ever-changing landscape of the Nashville business community and national economy, we have restructured our board of directors into four Strategic Action Teams; Marketing, Board and Governance, Facility, and Programming.  These teams  developed and executed plans to ensure that we maintain a strong foundation as we continue to provide the highest level of support to business owners and emerging entrepreneurs.
·        Marketing SAT – Our media outreach serves both as a channel to champion our mission among the community, and an enhanced communication approach to stay connected with stakeholders. Our enhanced online presence includes new added Facebook, Twitter, and YouTube accounts.
·        Board & Governance – This team has implemented a strategic plan to hold the board of directors accountable to governance procedures through policy revision to provide governance flexibility that more fully reflects the ebb and flow of our businesses and business processes.
·        Current and New Facility – Overseeing the maintenance of our current facility and grounds, this team contracted a feasibility study to assess our need for a new facility. This study serves as an integral milestone because it functions as a viable reference point when socializing our growth plans with community and business leaders.
·        Programs – This team’s mission is to improve the quality of services provided to our clients. We have recently launched a Student Incubator Program in partnership with Tennessee State University. Organized as a  full year curriculum, the program gives three to four TSU student entrepreneurs the opportunity to experience the NBIC program.

NBIC has the unique opportunity to narrow our focus to an under-served market of women, minorities and veterans, who often face barriers in entrepreneurial endeavors.  Veterans transitioning from active duty to civilian life have the opportunity to capitalize on their military status through government contracting agencies.  NBIC programs also encourage and support women who choose to enter traditionally male-dominated fields. NBIC does not duplicate services, choosing instead to partner with other agencies to give our clients a fully-enriched program. 
Executive Director/CEO
Executive Director Ms Angela Jones
Term Start Sept 2003
Experience Angela Crane-Jones accepted the Executive Director position at NBIC in October of 2013.  She served as Assistant Director of NBIC since 2003.  As the director, Mrs. Jones has increased community outreach training events 1,100%.  Under her direction, NBIC clients have received numerous awards and achieved many successes.  As assistant director, Mrs. Crane-Jones took a leadership role in securing consulting services for the center's clients.  

Prior to joining the center's staff, Mrs. Crane-Jones was owner/operator of two Dairy Queen Restaurants where she gained valuable experience in retail and food operations, marketing, and forecasting.  

She holds a Bachelor of Business Administration degree and a Mater of Arts degree from Tennessee State University.  
Former CEOs
Jennie Lemons -
Ms. Mildred Walters Dec 2002 - June 2012
Full Time Staff 2
Part Time Staff 1
Volunteers 15
Contractors 0
Retention Rate 100%
Plans & Policies
Does the organization have a documented Fundraising Plan? No
Does the organization have an approved Strategic Plan? Yes
Number of years Strategic Plan Considers 5
When was Strategic Plan adopted? July 2013
In case of a change in leadership, is a Management Succession plan in place? No
Does the organization have a Policies and Procedures Plan? Yes
Does the organization have a Nondiscrimination Policy? No
Affiliate/Chapter of National Organization (i.e. Girl Scouts of the USA, American Red Cross, etc.) - Affiliate/chapter2003
Center for Nonprofit Management Excellence Network2012
NBIA Incubator Graduate of the Year Winner A-Z DMENational Business Incubation Association2014
NBIA Outstanding Client of the Year General and Special Focus Category-The Green Truck Moving CompanyNBIA2015
The Frist Revenue Development AwardCenter for Nonprofit Management2015
CEO Comments Nashville Business Incubation Center is dedicated to providing our clients with outstanding service and opportunities.  Providing training events, awards opportunities and community outreach events is challenging at our current staffing level.  NBIC plans on hiring a third full-time person in the next six months to address this issue.
Fiscal Year
Fiscal Year Start Oct 01 2015
Fiscal Year End Sept 30 2016
Projected Revenue $541,070.00
Projected Expenses $550,552.00
Endowment Spending Policy N/A
Endowment Spending Percentage (if selected) 0%
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201520142013
Foundation and
Corporation Contributions
Government Contributions$6,070$36,509$0
Individual Contributions$5,602$0$11,173
Investment Income, Net of Losses$9,607$70,989$35,450
Membership Dues$0$0$0
Special Events$0$0$0
Revenue In-Kind$0$0$0
Expense Allocation
Fiscal Year201520142013
Program Expense$151,277$162,619$145,335
Administration Expense$111,929$138,085$88,277
Fundraising Expense$16,385$0$0
Payments to Affiliates$0$0$0
Total Revenue/Total Expenses1.331.031.02
Program Expense/Total Expenses54%70%62%
Fundraising Expense/Contributed Revenue98%0%0%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$623,794$553,581$565,891
Current Assets$234,006$243,759$168,503
Long-Term Liabilities$0$0$0
Current Liabilities$143,539$102,554$181,507
Total Net Assets$480,255$451,027$384,384
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities1.632.380.93
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%0%
Top Funding Sources
Fiscal Year201520142013
Top Funding Source & Dollar AmountProgram Revenue $345,771Earned Revenue $247,231Program Service Revenue $190,171
Second Highest Funding Source & Dollar AmountInvestment Income $9,607Investment Income $70,989Investment Income $35,450
Third Highest Funding Source & Dollar AmountGovernment Grants $6,070Local Government Grants $29,300Contributions, Gifts and Grants $11,173
IRS Letter of Exemption
Capital Campaign
Is the organization currently conducting a Capital Campaign for an endowment or the purchase of a major asset? No
Capital Campaign Goal $0.00
Capital Campaign Anticipated in Next 5 Years? Yes
State Charitable Solicitations Permit
TN Charitable Solicitations Registration Yes - Expires Mar 2017
Solicitations Permit
2016 Registration Renewal
Organization Comments TaxThe NBIC staff is constantly developing and reshaping our incubation programs to best suit changes in economic trends.  The current financial situation at NBIC is stable with funds needed to enhance our training and offer proposed community outreach programs focusing on women, veteran and minority businesses. Financial Comments
Financial figures taken from the 990. Schedule B removed to protect donor privacy.
990 completed by Dimeta Smith CPA, LLC.
Comment provided by Kathryn Bennett 6/16/16.
Nonprofit Growth Enterprises Nashville, Inc
Address 315 Tenth Avenue North
Suite A
Nashville, TN 37203
Primary Phone (615) 963-7184
Contact Email
CEO/Executive Director Ms Angela Jones
Board Chair Ms. Charlotte Peacock
Year of Incorporation 1986