Illinois Administrative Code
Title 14 - COMMERCE
Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS
Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM
Section 610.25 - Application Documentation

Universal Citation: 14 IL Admin Code ยง 610.25

Current through Register Vol. 48, No. 12, March 22, 2024

The application must include documentation for the business associated with the proposed project as follows:

a) History of the Company - a brief history of the business and past employment.

b) Market Information - information on the company's products or services and identification of existing and potential major customers and competitors.

c) Projected Employment Information - the total number of jobs to be created or retained, including type of jobs, wages, and hiring schedule for job creation/retention.

d) Historic Financial Statement - historic 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.

e) Projected Financial Statements - projected three-year profit and loss statements and balance sheets and a one year monthly cash flow projection.

f) 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.

g) 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 company, and/or any interest which is guaranteeing any financial or contractual activities of the company. For all such entities which meet any conditions of this subsection, a financial statement shall be provided.

h) The Department shall waive the requirements of subsections (a), (b), (d), (e), (f) and (g) when:

1) The company has provided a comprehensive business plan or company annual reports which address all of the requirements contained in Section 8-5(g) of the Act; and

2) The company is publicly owned and traded; and

3) The company's historic financial condition is deemed excellent, meeting industry standards in accordance with Section 610.30(b)(2).

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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