Conn. Agencies Regs. § 32-23z-2

Current through October 16, 2024

Section 32-23z-2 - Application requirements

(a) Each application for a loan or line of credit shall be submitted on forms prescribed by the department.

(b) No application shall be considered unless the applicant submits the following information required by such forms:

(1) evidence that the applicant is a business, as defined in Section 1 (d) of these Regulations;

(2) a letter from a professional engineer licensed pursuant to Chapter 391 of the General Statutes certifying with his professional seal that he has examined the applicant's place of business, that property contamination exists and containing a brief description of the contamination including the materials, source and the potential for environmental harm;

(3) evidence of compliance with Section 22a-450 of the General Statutes, if applicable;

(4) a description of the project for which the applicant is seeking a loan or line of credit including total project costs;

(5) the amount of the loan or line of credit requested in accordance with these Regulations and Section 6 of Public Act 89-365;

(6) a history and brief description of the applicant business, including but not limited to the type of products manufactured or services performed by such business, methods of business operations and distribution of products, sales policies, present and future markets and potential customers;

(7) a resume of all directors, shareholders and senior management personnel of the applicant, which resume shall include the following information:

(A) age;

(B) business experience;

(C) length of association with the applicant;

(D) salary and other compensation; and

(E) other business affiliations;

(8) a description of subsidiaries or affiliates of the applicant business, if any, including their activities, the extent and nature of any transactions between such subsidiaries or affiliates and the applicant and the ownership interest of the applicant in such subsidiaries or affiliates;

(9) a list of the principal suppliers of the applicant, indicating the approximate percentage of total yearly purchases;

(10) a list of the principal customers of the applicant, indicating the approximate percentage of total yearly sales;

(11) a list of the principal competitors of the applicant;

(12) a description of the future expansion plans of the applicant, other than the planned use of the proceeds of the loan or line of credit, including research and development, new products, acquisitions and mergers;

(13) information concerning the employees of the applicant, including the number of employees, current hourly wage rates for each position, a description of the types of employment offered by the applicant, records of work stoppages, if any, copies of union contracts and a copy of the existing affirmative action plan of the applicant;

(14) an appraisal of the land, buildings, machinery, equipment or other property to be used to secure the loan or line of credit by an appraiser acceptable to the authority;

(15) letters of recommendation from commercial banks with which the applicant is associated, which letters shall set forth the length of the relationship between the bank and the applicant, average balances, credit experiences and an opinion concerning the management ability of personnel of the applicant;

(16) copies of fiscal year end statements for the five years preceding the date of the application, an interim financial statement dated within sixty (60) days prior to the application, if available, and proforma financial statements for the two years subsequent to the date of the application;

(17) a description of long term liabilities, guarantees, long term leases or contracts and other contingent liabilities, including security or liens not included in the footnotes of the corporate or personal financial statements;

(18) a description of any pending litigation;

(19) a description of any bankruptcy proceedings or compromise settlements of any litigation which occurred during the seven (7) year period prior to the date of the application;

(20) copies of any outstanding citations or orders from federal, state or local agencies regarding environmental pollution;

(21) the amount, source, terms and conditions of any other financial accommodations which will be available to the applicant business, including the applicant's own equity contribution, if applicable; and

(22) personal financial statements of all shareholders of the applicant.

Conn. Agencies Regs. § 32-23z-2

Effective October 25, 1990