Current through Register Vol. 35, No. 11, June 11, 2024
Section 8.16.3.9 - LOAN APPLICATION PROCEDURESA. Contingent upon a sufficient balance in the fund, the department and the authority will accept applications and award loans on an on-going basis.B. The department and the authority will provide forms for a loan application and applications must be submitted on that form. Application forms may be obtained from the department. The application shall be signed by the authorized representative and submitted to the department. Only applications that are complete will be considered for a loan. The application shall include the following: (1) evidence of the eligibility of the applicant as a provider;(2) a detailed description of the circumstances that demonstrate the need for the project, including:(a) a description of how the project will benefit the health and safety of provider's clients; and(b) number of state subsidized and low-income family clients and total number of clients;(3) a detailed description of the project to be financed; including:(a) a description of the scope of work of the project;(b) the estimated cost of the project;(c) the target date for the initiation of the project and the estimated time to completion;(d) the estimated useful life of the project and selected components, as detailed on the application form;(e) proof of applicable licenses and certifications for the provider and the facility; and(f) other data as requested by the department or the authority;(4) if applicant is an entity, a copy of the applicant's formation and governance documents (e.g., articles of incorporation and bylaws) and if applicable a certificate of good standing from the public regulation commission;(5) a letter certifying that the project was duly authorized and approved by the applicant's governing body;(6) identification of the source funds to complete the project if the loan requested is not sufficient to cover the full cost of the project;(7) identification of the source of funds for repayment of the loan and the source of funds to operate and maintain the project over its useful life;(8) the applicant's financial reports for the most recent three years and/or federal and state tax returns and the applicant's projected cash flows for 3 or 5 years, depending on the amount of the requested loan;(9) the applicant's business plan that details strategies for obtaining adequate funding and the handling of money is accompanied by a budget that balances income and expenses and demonstrates that the applicant is in compliance with all local, state and federal laws regarding the reporting of income and management of money, if the requested loan is for $20,000 or more;(10) written assurance that the project is allowed by the owner of the facility, if the owner is not the applicant;(11) the requested loan payback period;(12) information on the current and proposed services of the applicant to state-subsidized clients and low-income families; and(13) additional information as requested by the department or board.8.16.3.9 NMAC - Rp, 8.16.3.8 NMAC, 09/14/07