S.D. Admin. R. 68:02:01:35

Current through Register Vol. 51, page 67, December 16, 2024

Section 68:02:01:35 - Application requirements - Screening

Application forms shall be provided by GOED and shall be completed and signed before an application is presented to the board. GOED shall screen all applications for completeness and eligibility upon receipt. No incomplete or ineligible applications may be presented to the board. Applications shall include the following information:

(1) Applicant's name and address;

(2) Names, addresses, resumes, and references of owners, investors, and management of the business;

(3) Articles of incorporation and bylaws or other agreements that describe the legal operation or structure of the business;

(4) Name and address of the owner or operator of the business during the term of the loan;

(5) A business plan which contains information regarding the products or services to be offered by the applicant; job descriptions with attendant salary or wage information by job category; employee benefit package; educational requirements by job category; and methods of accounting, financing, marketing, sales, merchandising, and other disciplines proposed to be used for business growth and expansion;

(6) Letters of commitment from all funding sources;

(7) Up to three years of historical balance sheets, cash flow statements, and income statements or federal tax returns;

(8) Pro forma balance sheets, cash flow statements, and income statements for the greater of three years or the term of the loan;

(9) A statement of licensing requirements;

(10) A statement that addresses the effect of the business on the tax base of the area of the project and other positive and negative effects of the project on the area;

(11) Assurance of compliance with local zoning laws and building codes and that the necessary public utilities are available or will be available when needed by the project;

(12) Approximate construction date, construction completion date, and the date by which the project will be fully operational;

(13) Documentation that the preliminary design stage has been completed; and

(14) Any other information as requested by the board in order to make a sound loan decision.

S.D. Admin. R. 68:02:01:35

34 SDR 68, effective 9/13/2007.

General Authority: SDCL 1-16G-5, 1-16G-8(7).

Law Implemented: SDCL 1-16G-5, 1-16G-8(7).