Louisiana Administrative Code
Title 7 - AGRICULTURE AND ANIMALS
Part V - Advertising, Marketing and Processing
Chapter 3 - Market Commission-Agricultural Products Processing Development Law-Loans and Loan Guaranties
Subchapter A - Authorization and Administration of Market Commission Loans and Loan Guaranties and Cooperative Endeavor Agreements under the Agricultural Products Processing Development Law
Section V-309 - Contents of Application

1. name and address of applicant including all principals by name and address;

2. a statement of the nature and amount of the interest held by each principal;

3. sworn statement of the relationship, if any, of any of the principals with any state official and/or with any employee of the Department of Agriculture and Forestry;

4. location and legal description of all property to be offered as security;

5. evidence that good title is or can be vested in the name of the applicant;

6. personal financial statements of every principal of the firm, corporation, partnership or association, prepared in accordance with generally accepted accounting principles. In the case of corporations and cooperative associations, every member of the board of directors, by whatever name known, must provide personal financial statements;

7. credit analyses of the principals, to be provided by an independent source, such as a bank or other lending institution;

8. a property appraisal by a market commission approved appraiser of all property to be offered as security;

9. listing of all equipment and furnishings, both movable and immovable by destination, with amortization tables as appropriate, if equipment and furnishings will be offered as part of the security;

10. evidence of satisfactory interim financing, where applicable;

11. a three-year projected cash flow statement;

12. an evaluation of the professional management capability of the individual(s) primarily responsible for the operation of the processing business to be provided by an independent, reputable source not involved in the firm, partnership, corporation or association;

13. an explanation of how the processing business for which the loan or loan guaranty is sought will benefit the community in which the business is located or is to be located including projection of new jobs created by the loan or loan guaranty, if granted;

14. written authorization for the market commission to perform any credit check(s) which the commission may, in its discretion, deem advisable.

1. blueprints and construction specifications, if available at date of application. In the absence of blueprints and construction specifications, the applicant shall provide a written description of the planned construction at the time of application, to be followed by blueprints and construction specifications as set forth herein. It is not the intent of the market commission to require unnecessary expenditure of the applicant's funds; however, in the event that blueprints and construction specifications cannot be provided at the time of application, any applicant receiving approval for a loan or loan guaranty shall be required to provide, within 90 days after approval, either (a) copies of blueprints and construction specifications, or (b) a written statement of the reasons for delay in provision of such blueprints and construction specifications. Reasons acceptable to the commission shall include, but not be limited to, failure of the architect to timely provide all drawings and specifications;

2. a projected construction schedule, with anticipated completion date;

3. a statement of the number of jobs to be made available upon completion of the agricultural plant;

4. evidence of adequate operating funds for a period of at least one year following completion of the plant;

5. copies of available construction contracts, including prices and identities of the principals of the contractors.

1. profit and loss statements for the three fiscal years immediately preceding the date of application;

2. balance sheets for the three fiscal years immediately preceding the date of application;

3. statement demonstrating the marketability of the product or process for which the funds are sought;

4. such additional market data which will enable the market commission to determine the advisability of loan or loan guaranty approval;

5. a statement of the number of jobs existing at the time of the application and the number of additional jobs to be created as a result of the proposed purchase, improvement to or expansion of the plant;

6. blueprints of the existing plant, if purchase is contemplated, and, in the case of proposed improvements or expansions, blueprints of the existing and proposed plant. The applicant shall provide a detailed statement of reasons when prints cannot be provided. In the event that blueprints and specifications cannot be provided at the time of the application, any applicant receiving approval for a market commission loan or loan guaranty will be required to provide blueprints and construction specifications within 90 days after approval;

7. copies of available construction or renovation contracts including prices and identities of the principals of the contractors.