Application Documentation

Section 600 Section 600.25  Application Documentation The application must include documentation of the following: a)         History of the Company – 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)         Corporate Financial Statements – historical corporate financial statements for the past three years and interim statements dated no more than ninety days prior to application including: 1)         Profit and Loss Statements; 2)         Balance Sheets; 3)         Cash Flow Statements; and 4)         Disclosure of Contingent Liabilities. d)         Three Year Projections – three year projections of the Profit and Loss Statement and Balance Sheet and a one year Monthly Cash Flow Projection. e)         Site Map – an outline of the general location of the project on a site map, reflecting the location of any floodplain areas. f)         Land and Building Information (if applicable) – for land and/or building acquisition, an MAI appraisal and a copy of the purchase option or agreement; for building construction or renovation, a contractor or architect's cost estimates. g)         Description of Machinery and Equipment (if applicable) – identification of major equipment or classes of equipment to be acquired with the Department's program funds; for acquisition of new machinery and equipment, attachment of reliable vendor cost estimates; for moving and installation costs, attachment of written estimates; for used machinery and equipment acquisition, an appraisal demonstrating that the fair market value is in line with the purchase price. h)         Description of Working Capital (if applicable) – a detailed explanation of the need for an use of the funds. i)          Company Management – a listing of those people that are responsible for the management of the company, their positions, and percentages of ownership. j)          Personal Resume(s) – a resume for senior staff at the proposed project site. k)         Personal Financial Statement – a personal financial statement(s) for each principal owning more than 20 percent of the company. l)          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.