N.M. Admin. Code § 8.9.9.9

Current through Register Vol. 36, No. 1, January 14, 2025

Section 8.9.9.9 - LOAN APPLICATION PROCEDURES

A. Contingent upon a sufficient balance in the fund, the department and the authority will accept applications and award loans

B. The department and the authority will provide applications. Complete applications must be signed by an authorized representative of the provider. 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 and the project;

(2) proof of applicable licenses and certifications for the provider and the facility; and

(3) a detailed description of the circumstances that demonstrate the impact of the project, including a description of the need for child care services in the community in which the project is located, including data on licensed capacity and capacity to serve eligible children in the community.

(4) a description of how the project will benefit the health and safety of provider's clients; and provider's clients, the quality of the provider's program, or the operation of the facility; and number of state subsidized and low-income families total number of clients served;

(5) information on the current and proposed services of the applicant to state-subsidized clients and low-income families.

(6) 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 tocompletion; and

(d) the estimated useful life of the project and selected components;

(7) a copy of the applicant's formation and governance documents (e.g., articles of incorporation and bylaws) identification of the source funds to complete the project if the loan requested is not sufficient to cover the full cost of the project;

(8) 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;

(9) the applicant's financial reports for the most recent three years and federal and state tax returns;

(10) the applicant's projected cash flows for at least 3 years;

(11) the applicant's business plan;

(12) the written assurance that the project is allowed by the owner of the facility, if the owner is not the applicant;

(13) any existing licenses or certifications that pertain to the business;

(14) any insurance documents pertaining to the business; and

(15) any additional information as requested by the department or authority.

N.M. Admin. Code § 8.9.9.9

Adopted by New Mexico Register, Volume XXXV, Issue 24, December 23, 2024, eff. 12/23/2024