Illinois Administrative Code
Title 14 - COMMERCE
Part 600 - ILLINOIS EQUITY INVESTMENT FUND
Section 600.25 - Application Documentation
Current through Register Vol. 47, No. 25, June 23, 2023
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:
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.