N.J. Admin. Code § 19:31A-1.3

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31A-1.3 - Application procedures

(a) The prospective applicant should consult with the Authority to determine if the project is eligible for consideration.

(b) To apply, a completed Application for Financial Assistance (Application) concerning the project shall be submitted to the Authority for review, together with the Application fee.

(c) A completed Application includes:

1. A history and description of the applicant's business;

2. A description of the proposed project and a detailed breakdown of the use of the loan proceeds;

3. Annual financial statements for the three most recent years, including the balance sheets, operating statements and reconciliations of the source and application of funds;

4. A current interim statement, if the most recent annual financial statement is more than six months old;

5. Three years of projections, including the balance sheets, operating statements, reconciliation of the source and application of funds, and a detailing of the assumptions used in preparing the projections;

6. A list of the applicant's five largest customers, including the customer name, address, telephone number, and contact person;

7. A list of the applicant's five largest suppliers, including the supplier name, address, telephone number, and contact person;

8. A schedule of all officers, directors, and stockholders (owning 10 percent or more of the stock), including resumes and signed, dated personal financial statements; and

9. A formal commitment letter from the lender providing the loan, including all terms, conditions, collateral, and a statement of the requirement for the Authority guarantee.

(d) The Authority may also require:

1. Appraisal(s) on real property and/or machinery and equipment;

2. Aging of accounts receivable;

3. Aging of accounts payable; and/or

4. Any additional information deemed necessary to evaluate the Application.

(e) Applications are processed through several layers of staff review and may then be recommended for consideration and official action of the Members at a public meeting. The applicant has no right to have its Application presented to the Members.

N.J. Admin. Code § 19:31A-1.3

Amended by R.2004 d.139, effective 4/5/2004.
See: 36 N.J.R. 143(a), 36 N.J.R. 1787(b).
Added a new (e) and recodified former (e) as (f).
Amended by R.2010 d.285, effective 12/6/2010.
See: 42 N.J.R. 2019(a), 42 N.J.R. 2969(a).
Deleted (e); and recodified (f) as (e).

Recodified from 19:31-2.3 56 N.J.R. 807(a), effective 5/6/2024