New Mexico Administrative Code
Title 8 - SOCIAL SERVICES
Chapter 16 - CHILD CARE LICENSING
Part 3 - REQUIREMENTS GOVERNING THE CHILD CARE FACILITY LOAN ACT
Section 8.16.3.9 - LOAN APPLICATION PROCEDURES
Universal Citation: 8 NM Admin Code 8.16.3.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. Contingent upon a sufficient balance in the fund, the department and the authority will accept applications and award loans on an on-going basis.
B. The department and the authority will provide forms for a loan application and applications must be submitted on that form. Application forms may be obtained from the department. The application shall be signed by the authorized representative and submitted to the department. Only applications that are complete will be considered for a loan. The application shall include the following:
(1) evidence of the eligibility of
the applicant as a provider;
(2) a
detailed description of the circumstances that demonstrate the need for the
project, including:
(a) a description of how
the project will benefit the health and safety of provider's clients;
and
(b) number of state subsidized
and low-income family clients and total number of clients;
(3) a detailed description of the project to
be financed; including:
(a) a description of
the scope of work of the project;
(b) the estimated cost of the
project;
(c) the target date for
the initiation of the project and the estimated time to completion;
(d) the estimated useful life of the project
and selected components, as detailed on the application form;
(e) proof of applicable licenses and
certifications for the provider and the facility; and
(f) other data as requested by the department
or the authority;
(4) if
applicant is an entity, a copy of the applicant's formation and governance
documents (e.g., articles of incorporation and bylaws) and if applicable a
certificate of good standing from the public regulation commission;
(5) a letter certifying that the project was
duly authorized and approved by the applicant's governing body;
(6) identification of the source funds to
complete the project if the loan requested is not sufficient to cover the full
cost of the project;
(7)
identification of the source of funds for repayment of the loan and the source
of funds to operate and maintain the project over its useful life;
(8) the applicant's financial reports for the
most recent three years and/or federal and state tax returns and the
applicant's projected cash flows for 3 or 5 years, depending on the amount of
the requested loan;
(9) the
applicant's business plan that details strategies for obtaining adequate
funding and the handling of money is accompanied by a budget that balances
income and expenses and demonstrates that the applicant is in compliance with
all local, state and federal laws regarding the reporting of income and
management of money, if the requested loan is for $20,000 or more;
(10) written assurance that the project is
allowed by the owner of the facility, if the owner is not the
applicant;
(11) the requested loan
payback period;
(12) information on
the current and proposed services of the applicant to state-subsidized clients
and low-income families; and
(13)
additional information as requested by the department or board.
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