Compilation of Rules and Regulations of the State of Georgia › Department 413 - GRANTS OF THE ONEGEORGIA AUTHORITY › Chapter 413-5 › Subject 413-5-1 - STRATEGIC INDUSTRIES LOAN FUND › Rule 413-5-1-.09 - Review of Applications

Current through Rules and Regulations filed through June 27, 2024
(1) All applications received from applicants
				will be reviewed to determine the merit of the applications and the proposed
				use of funds. One Georgia Authority's agent will rate and review all
				applications that meet the Threshold Requirements outlined in Section
				 413-5-1-.08. 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 fundable, 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  413-5-1-.09(7). The rating criteria are outlined
				below.
(2)
Proprietary
				information:
Georgia Law requires that "All public records of an agency as
				 defined in subsection (a) of this Code section, except those which by order of
				 a court of this state or by law are prohibited or specifically exempted from
				 being open to inspection by the general public, shall be open for a personal
				 inspection by any citizen of this state at a reasonable time and place; and
				 those in charge of such records shall not refuse this privilege to any citizen"
				 (O.C.G.A. §
									50-18-70(b)).
				 This means that past and current records on Loan Fund projects and applications
				 are required to be open for public inspection.
However, certain proprietary information which is required to
				 be included in an application and must be supplied by a business or developer
				 in order to receive funds and which by law are prohibited or specifically
				 exempted from being open to inspection by the general public (for example,
				 information that constitutes a "trade secret" (O.C.G.A. §
									10-1-740
et
				 seq.
; 16-8-13(a)(4)) is exempt from disclosure under O.C.G.A. Section
				  50-18-70.
				 Any information an applicant or sub-recipient business believes is exempt from
				 disclosure must be clearly identified as such.
(3) Applications will be reviewed based upon
				enhancement of economic development opportunities and the project's
				contribution to the development of the State's strategic industries. Applicable
				criteria include, but are not limited to:
The soundness of the company's scientific and technical
				 base
The development and commercialization strategy of the
				 company
Market opportunities and commercial potential
The sustainability of the company as evidenced by access to
				 capital, cash position, burn rate, etc.
Demonstration of need for the funds and lack of available
				 funding in the marketplace
Contribution to the State's strategic industry clusters and
				 innovation economy
Experience and expertise of key management and scientific
				 personnel
Numbers and types of jobs created or retained
Total private capital investment
Impact on the state, regional and community economy and tax
				 base
Degree of local financial commitment
Consistency with local and regional development goals and
				 objectives
Project readiness, including, if applicable, the company's
				 timeline for producing a marketable product
Project feasibility
Wage levels compared with average wages of industry in the
				 impacted area
Reasonableness of cost estimates
(4)
Project Feasibility
(
160 Points Maximum).
Applications will be awarded "feasibility" points according
				 to the following scale: poor: 0.0 points; below average: 30.0 points; average:
				 60.0 points; good: 90.0 points; excellent: 120 points. The criteria outline
				 detailed below will determine where on the "Feasibility" Scale an application
				 ranks:
A) The description of 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 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) 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);
iii) the company's proposed technology or
				product and the specific aims;
iv)
				the competitive advantage of the company's technology or product;
v) the technical, scientific and commercial
				milestones for the company, at least through commercialization of a product;
vi) the status of the company's
				intellectual property and whether the company has an established
				intellectual-property policy;
vii)
				any regulatory approvals that the company must obtain;
viii) qualifications of key management and
				scientific personnel;
ix) the
				proposed costs for the project and the status of all funding
				sources;