Ill. Admin. Code tit. 41 § 290.55

Current through Register Vol. 48, No. 45, November 8, 2024

Section 290.55 - Criteria for Review of Loan Applications

a) Applicants receiving a loan in previous loan application cycles will not be considered until one of the following conditions has been met:

1) all applicants that have never received a loan have been considered; or

2) the previous loan received by the applicant has been repaid.

b) Applicants that have not achieved compliance with Section 290.20(b) or that have submitted incomplete loan applications will not be considered.

c) Applicants will be ranked by the Loan Application Review Committee based on the application, any supporting documentation and a narrative that describes the applicant's:

1) financial need (0-35 points based on factors that include, but are not limited to, the amount and type of financial resources available to the applicant; the size of the applicant's operating budget; the demographics of the applicant's response area; and the ability of the applicant to access other sources of revenue); and

2) equipment need (0-65 points based on factors that include, but are not limited to, whether the current equipment is in need of major repair or replacement; whether the current equipment is out-of-date or unsafe; whether the new equipment would be necessary to restore, maintain or add to response capabilities; and the appropriateness of the new equipment based on demographics of the applicant's response area).

d) If the applicant does not demonstrate sufficient annual revenue to allow the applicant to repay the loan under the terms required, the Office will not recommend, nor will the Authority approve, the application based on the lack of ability to repay.

Ill. Admin. Code tit. 41, § 290.55

Added at 39 Ill. Reg. 5783, effective 4/7/2015