§ 1836-C — Applications for loans

§ 1836-c. Applications for loans. 1. Any employee ownership\nassociation may apply to a local development corporation serving the\nmunicipality in which the eligible project is located for an employee\nownership assistance loan to be used to help finance an eligible\nproject. Such application must include a written statement from the\nentity from which the project is being acquired, stating that such\nentity consents to the acquisition. The application shall include in\ndetail:\n (a) the history and membership of the association;\n (b) the history and circumstances of the plant to be acquired;\n (c) financial and marketing projections and analyses sufficient to\nallow the authority to evaluate the continued economic viability of the\nproject;\n (d) estimate of the number of jobs to be saved or created by the\nproject; and\n (e) total anticipated project cost.\n 2. The application shall also include a detailed financial statement\nof funding partner participation in the project, which shall include:\n (a) the identity of all funding partners; and\n (b) the terms of the financing agreements with the funding partners,\nincluding any repayment schedules and finance charges to be included in\nsuch agreements.\n