La. Admin. Code tit. 13 § III-111

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-111 - Application Procedure for Projects

A. The applicants must submit an application to LED or LEDC on a form provided by LED or LEDC which shall contain, but not be limited to, the following:

1. a business plan that contains an overview of the company, its history, and the business climate in which it operates, including business projections and, in the discretion of the LEDC Board or the LED or LEDC staff, either audited financial statements, or an independent CPA certification of the company's net worth sufficient to demonstrate to LED or LEDC the financial ability of the company considering the circumstances relating to the award, as well as financial statements of any guarantors which may also be required by the LED or LEDC staff in its discretion;

2. a detailed description of the project to be undertaken, along with the factors creating the need, including the purchase, construction, renovation or rebuilding, operation and maintenance plans, a timetable for the project's completion, and the economic scope of the investment involved in the project;

3. a cash flow analysis of the project, providing detailed support for the use of the funding to be provided, and a proposed repayment schedule for any loan for which the applicant has applied which is consistent with the revenues to be generated by the project;

4. evidence of the number, types and compensation or payroll levels of jobs to be created and/or retained by the company in connection with the project, and the amount of capital investment for the project;

5. a statement or disclosure as to whether or not the company has sought or applied for any other type of financing (public or private) for this project, and the results or disposition of that search and/or application, including documentation from any commercial banks or other lenders specifying the reasons why the banks or other lenders would not extend funding to the applicant;

6. evidence of the support of the local community and the favorable recommendation of the local governing authority for the applicant's project to be funded as requested or described in the award application; and

7. any additional information that the LED or LEDC staff may require.

B. The applicants and their applications must meet the general principles of § 105, the eligibility requirements under §107, and the criteria provided in § 109 above, in order to qualify for an award under this program.

La. Admin. Code tit. 13, § III-111

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 23:38 (January 1997), amended by the Department of Economic Development, Office of the Secretary, LR 23:1639 (December 1997), LR 25:238 (February 1999), LR 26:237 (February 2000), amended by the Department of Economic Development, Office of Business Development, Louisiana Economic Development Corporation, LR 29:863 (June 2003), LR 31:904 (April 2005), LR 35:873 (May 2009), amended by the Department of Economic Development, Office of the Secretary, Office of Business Development and the Louisiana Economic Development Corporation, LR 40:268 (February 2014).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104, 36:108, 51:2302, 51:2312, and 51:2341, et seq.