870 R.I. Code R. 870-RICR-30-00-8.18

Current through December 3, 2024

Section 870-RICR-30-00-8.18 - Reporting

A. The Small Business Development Fund shall report to the Corporation for each Equity Investment made the following within thirty (30) business days after such investment is made:

1. The date of the investment;

2. The amount of the investment;

3. The terms and/or nature of the investment;

4. The purpose of the investment;

5. The name, business address in this State and federal tax identification number for the Eligible Business;

6. The number of employees at the Eligible Business together with a copy of summary payroll records of the Eligible Business;

7. An aggregate listing of employees including the location at which such employees work and residential information sufficient to identify the economic impact of employees to the state of Rhode Island;

8. The amount of all other investments or loans made by any person or entity within a year preceding the investment made by the Small Business Development Fund;

9. Any expected or anticipated investments, grants and/or funding sources to be received by the Eligible Business within two hundred seventy days of the investment by the Small Business Development Fund inclusive of the amount, source of funding, the identity of the investor and contact information for the investor;

10. A detailed description of the mechanism adopted in conformance with §§ 8.6(A)(8)(m) and (n) of this Part and its implementation by the Applicant in conformance with its Business Plan; and

11. Other information as required by the Corporation.

B. The Small Business Development Fund shall report to the Corporation for each Qualified Loan made the following within thirty (30) days after such investment is made:

1. The date of the investment;

2. The amount of the investment;

3. The terms and/or nature of the investment;

4. The purpose of the investment;

5. The name, business address in this State and federal tax identification number for the Eligible Business;

6. The number of employees at the Eligible Business together with a copy of summary payroll records of the Eligible Business;

7. An aggregate listing of each employee including the location at which such employee works and residential information sufficient to identify the economic impact of employees to the state of Rhode Island;

8. The amount of all other investments or loans made by any person or entity within a year preceding the investment made by the Small Business Development Fund;

9. Any expected or anticipated investments, grants and/or funding sources to be received by the Eligible Business within two hundred seventy days of the investment by the Small Business Development Fund inclusive of the amount, source of funding, the identity of the investor and contact information for the investor;

10. A detailed description of the mechanism adopted in conformance with § 8.6(A)(8)(n) of this Part and its implementation by the Applicant in conformance with its Business Plan verifying that such Qualified Loan will result in job creation or job retention that would not otherwise occur but for such investment by the Applicant; and

11. Other information as required by the Corporation.

C. The Small Business Development Fund shall report to the Corporation during the term of each Equity Investment or Qualified Loan on a quarterly basis:

1. The number of Employees at the Eligible Business together with a copy of the payroll records of the Eligible Business for the first pay period of each month;

2. A listing of each Employee including name, title/position, residence address and the location at which such Employee works as of the first pay period of each month; and

3. Other information as required by the Corporation.

870 R.I. Code R. 870-RICR-30-00-8.18

Adopted effective 9/27/2019
Amended effective 3/24/2020