Illinois Administrative Code
Title 14 - COMMERCE
Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM
Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT
Section 590.25 - Application Documentation
Current through Register Vol. 48, No. 12, March 22, 2024
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) Historic Financial Statements - historic financial statements for the past three years and interim statements dated no more than ninety days prior to application including:
d) Projected Financial Statements - 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) Company Management - listing of those individuals who are responsible for the management of the company, their positions and responsibilities, and resumes of key senior individuals at the company location.
i) Ownership - the company shall provide a detailed statement of ownership which shall include the percentage of ownership of all owners of the company. Such statements shall clearly identify any ownership interest which amounts to 20% or more, any ownership interest of individuals who have a position of control in the business, and/or any interest which guarantees any financial or contractual activities of the company. For all such entities which meet any condition of this subsection, a financial statement shall be provided which includes personal statements on individuals and balance sheets on business corporations.
j) Letters of Commitment - documentation of all sources of leveraging as reflected in commitment letters; 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 buyers.
k) The Department shall waive the requirements of subsections (a), (b), (c), (d), (h), and (i) when: