Compilation of Rules and Regulations of the State of Georgia › Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS › Chapter 110-25 - THE LIFE SCIENCES FACILITIES FUND LOAN PROGRAM DESCRIPTION › Subject 110-25-1 - THE LIFE SCIENCES FACILITIES FUND LOAN PROGRAM DESCRIPTION › Rule 110-25-1-.09 - Review of Applications

Current through Rules and Regulations filed through June 27, 2024
(1) All applications that meet the Threshold
				Requirements outlined in Section
				110-25-1-.08 will be reviewed to
				determine the merit of the applications and the proposed use of funds.
				Applicants and potential borrowers should follow the detailed guidelines set
				forth in the application package, paying special attention to the requirements
				for supporting documentation and the narrative description. Applications will
				be rated according to a point system with the maximum number of points
				available to an application being set at 500. In order to be funded, an
				application must receive a minimum score of 300 points. For all applications,
				the rating criteria may award up to 100 bonus points for projects that meet the
				bonus criteria outlined in Section
				110-25-1-.09(5).
				Applications will be reviewed based upon enhancement of economic development
				opportunities and the project's contribution to the development of the State's
				life-sciences industry, including job creation, private investment and the
				creation of marketable products. The rating criteria are outlined
				below.
(2)
Project
				Feasibility
(
160 Points Maximum)
Applications will be awarded "feasibility" points according
				  to the following scale: poor: 0.0 points; below average: 40.0 points; average:
				  80.0 points; good: 120.0 points; excellent: 160 points. In order to determine
				  where on the feasibility scale a project ranks the following criteria, at a
				  minimum, will be analyzed:
A) The
				proposed project and activities are clearly described and documented, and the
				responsibilities for carrying out each activity are clearly ascribed to a
				participating entity and each entity has firmly committed in writing to carry
				out its part. Project narrative (or some other document such as a business plan
				to be included with the application) should describe:
i) the company's background, history and
				mission, including how long the principals have been involved, how the work has
				been funded thus far, and what has been accomplished in the last twelve months;
ii) qualifications of key
				management and scientific personnel;
iii) the need or problem that the company's
				product addresses and the current state of available options to meet that need
				or problem (i.e., the market for the company's product including competition);
iv) the company's proposed
				technology or product;
v) the
				competitive advantage of the company's technology or product;
vi) the technical, scientific and commercial
				milestones for the company, at least through commercialization of a product;
vii) the status of the company's
				intellectual property and whether the company has an established
				intellectual-property policy;
viii)
				any regulatory approvals that the company must obtain; and ix) the proposed
				costs for the project and the status of all funding sources.