(1) A community board shall evaluate applicants who want to start or expand a small business and to locate within the business incubation center based upon, but not limited to, all of the following factors:

(a) The likelihood that the business will be profitable;

(b) Whether the product that would be manufactured or the service that would be rendered would be new to the state or the community;

(c) The potential marketability of the product or service;

(d) The likelihood that the business will generate a significant number of new jobs and not eliminate existing jobs;

(e) The likelihood that new jobs generated will be filled by persons who presently are unemployed or whose skills are underemployed; and

(f) The likelihood that the business will not be started if the applicant is not accepted into the business incubation center.

(2) A community board shall forward to each applicant whose application it rejects notice of its rejection together with the reasons for the rejection.

(3) A community board shall forward to each applicant it favorably evaluates notification of its decision and of whether or not space exists to accept the applicant.