Illinois Administrative Code › Title 14 - COMMERCE › Part 570 - ILLINOIS SMALL BUSINESS DEVELOPMENT PROGRAM › Section 570.25 - Application Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Direct Funding
1) The application for a loan
			 shall include documentation of the following:
A) History of the Company (if applicable) - a
			 brief history of the business and past employment growth.
B) Market Information - information on the
			 company's products or services and identification of existing and potential
			 major customers and competitors.
C)
			 Historic Financial Statements (if applicable) - historic financial statements
			 for the past three years, if the business is not a new plant start-up or new
			 business opportunity and interim statements dated no more than ninety days
			 prior to application including:
i) Profit and
			 Loss (Income) Statements;
ii)
			 Balance Sheets; and
iii) Disclosure
			 of Contingent Liabilities (if applicable).
D) Two Year Projections - two year
			 projections of the Profit and Loss Statement and a one year Monthly Cash Flow
			 Projection. Except that proposed projects of less than two years in duration
			 shall only be required to submit projections appropriate for the projects
			 (e.g., projects of less than one year shall only need to submit cash flow
			 projections).
E) Site Map (if
			 applicable) - an outline of the general location of the project on a site map,
			 including the location of any floodplain areas.
F) Land and Building Information ( if
			 applicable) - for land and/or building acquisition, appraisal by a credentialed
			 appraiser (e.g., Member American Institute (MAI) of the American Institute of
			 Real Estate Appraisers, Senior Realty Appraiser (SRA)) acceptable to the
			 Department and a copy of the purchase option or agreement; for building
			 construction or renovation, a contractor or architect's cost estimates; for
			 space rental, a draft rental/lease agreement; if real property and fixtures
			 will be offered as collateral for funding, an appraisal by a credentialed
			 appraiser acceptable to the Department.
G) Description of Machinery and Equipment (if
			 applicable) - major equipment or classes of equipment to be acquired with the
			 Department's program funds identified; for acquisition of new machinery and
			 equipment, attachments of reliable vendor cost estimates; for moving and
			 installation costs, attachments of written estimates; for used machinery and
			 equipment acquisition, an appraisal demonstrating that the fair market value is
			 in line with the purchase price and a specific description of the equipment
			 including serial numbers, if available.
H) Description of Working Capital (if
			 applicable) - a detailed explanation of the need for the use of the
			 funds.
I) Company Management - a
			 listing of those individuals who are responsible for the management of the
			 company, their positions and responsibilities, and resumes of key senior
			 individuals (e.g., Owner, Partner, President, Vice President, Treasurer) at the
			 company location.
J) Ownership -
			 the company will provide a detailed statement of ownership which shall include
			 a percentage of ownership. Such statements shall clearly identify any ownership
			 interest which amounts to 20% or more, or any lower amount as determined by the
			 Department, any ownership entity (e.g., individual, partnership, corporation)
			 which is considered to be controlling the business, and/or any entity which is
			 guaranteeing any financial or contractual activities of the company. For all
			 such entities which meet any conditions of this subsection, a financial
			 statement shall be provided. The financial statements shall include full name,
			 home/corporate address and social security number/federal employer
			 identification number (FEIN).
K)
			 Letters of Commitment - commitment letters documenting all sources of
			 leveraging; loans from financial institutions must have language indicating the
			 loan amount, the specified term and interest, collateral, conditions attendant
			 to the loan, and the fact that the loan is approved; any commitment to purchase
			 a revenue bond must have an executed inducement resolution and the rates,
			 terms, and conditions of approval by the buyer.