Allowable Leverage

Section 600 Section 600.60  Allowable Leverage In addition to the forms of leverage defined in Section 9-5(a) of the Act, allowable leverage will include: a)         Under-utilized land and/or buildings which are a part of the project when the appraised value qualifies them as under-utilized. b)         A cash outlay by the principals resulting in them becoming stockholders. c)         Funds expended by the business prior to the date of a loan or grant award; existing in-state equipment, land, buildings, furnishings, inventory (already owned and being utilized); lines of credit; post-project costs (such as operational expenses); and debt refinancing will not be considered as leverage.