New Mexico Administrative Code › Title 8 - SOCIAL SERVICES › Chapter 16 - CHILD CARE LICENSING › Part 3 - REQUIREMENTS GOVERNING THE CHILD CARE FACILITY LOAN ACT › Section 8.16.3.9 - LOAN APPLICATION PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Contingent upon a sufficient balance in
				the fund, the department and the authority will accept applications and award
				loans on an on-going basis.
B. The
				department and the authority will provide forms for a loan application and
				applications must be submitted on that form. Application forms may be obtained
				from the department. The application shall be signed by the authorized
				representative and submitted to the department. Only applications that are
				complete will be considered for a loan. The application shall include the
				following:
(1) evidence of the eligibility of
				the applicant as a provider;
(2) a
				detailed description of the circumstances that demonstrate the need for the
				project, including:
(a) a description of how
				the project will benefit the health and safety of provider's clients;
				and
(b) number of state subsidized
				and low-income family clients and total number of clients;
(3) a detailed description of the project to
				be financed; including:
(a) a description of
				the scope of work of the project;
(b) the estimated cost of the
				project;
(c) the target date for
				the initiation of the project and the estimated time to completion;
(d) the estimated useful life of the project
				and selected components, as detailed on the application form;
(e) proof of applicable licenses and
				certifications for the provider and the facility; and
(f) other data as requested by the department
				or the authority;
(4) if
				applicant is an entity, a copy of the applicant's formation and governance
				documents (e.g., articles of incorporation and bylaws) and if applicable a
				certificate of good standing from the public regulation commission;
(5) a letter certifying that the project was
				duly authorized and approved by the applicant's governing body;
(6) identification of the source funds to
				complete the project if the loan requested is not sufficient to cover the full
				cost of the project;
(7)
				identification of the source of funds for repayment of the loan and the source
				of funds to operate and maintain the project over its useful life;
(8) the applicant's financial reports for the
				most recent three years and/or federal and state tax returns and the
				applicant's projected cash flows for 3 or 5 years, depending on the amount of
				the requested loan;
(9) the
				applicant's business plan that details strategies for obtaining adequate
				funding and the handling of money is accompanied by a budget that balances
				income and expenses and demonstrates that the applicant is in compliance with
				all local, state and federal laws regarding the reporting of income and
				management of money, if the requested loan is for $20,000 or more;
(10) written assurance that the project is
				allowed by the owner of the facility, if the owner is not the
				applicant;
(11) the requested loan
				payback period;
(12) information on
				the current and proposed services of the applicant to state-subsidized clients
				and low-income families; and
(13)
				additional information as requested by the department or board.