Current through Register Vol. 54, No. 49, December 7, 2024
Section 71.8 - Application evaluationIn addition to the factors in the act for application evaluation, the Department will also review factors pertaining to business evaluation, project criteria and public benefit criteria, as follows:
(1)Business evaluation. The historical performance of an eligible business will be evaluated to assess its ability to repay the MELF loan. This evaluation may include: (i) Financial performance of the business.(ii) Financial performance of the owners.(iii) Market performance.(2)Project criteria. The merits of the proposed use of loan proceeds and other project funds will be assessed to determine the ability of the eligible business to repay the loan. This evaluation may include a review of:(i) Projected sales and revenues.(ii) Projected financial statements.(iii) Value of the assets and collateral.(iv) Changes in market strategy or management strategy, or both.(3)Public benefit criteria. This analysis will include factors such as the following: (i) The total full-time equivalent number of jobs to be created or retained, or both, as a result of the project.(ii) The number of jobs to be created or retained, or both, for each MELF dollar invested.(iii) The private investment to be leveraged as a result of the MELF investment.(iv) The increase in productivity.(v) The strategic importance to the Commonwealth of the industry or firm being assisted and the area being served.