Illinois Administrative Code
Title 14 - COMMERCE
Part 600 - ILLINOIS EQUITY INVESTMENT FUND
Section 600.25 - Application Documentation

Universal Citation: 14 IL Admin Code ยง 600.25

Current through Register Vol. 48, No. 38, September 20, 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) 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.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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