S.D. Admin. R. 68:02:02:17

Current through Register Vol. 51, page 56, November 4, 2024

Section 68:02:02:17 - Application requirements - Screening

Application forms shall be provided by GOED, and shall be completed and signed before being presented to the board. GOED shall screen all applications for completeness and eligibility upon receipt. No incomplete or ineligible applications may be presented to the board. Applications shall include the following information if applicable:

(1) Applicant's name and address;

(2) Names, addresses, resumes, and references of owners, investors, and management of the project and of consultants to be engaged in connection with the study;

(3) Articles of incorporation and bylaws or other legal documents or agreements that describe the legal operation or structure of the business or of an intent to form a legal entity upon the award of a VASF loan;

(4) Name and address of the owner or operator of the project during the term of the VASF loan;

(5) An executive summary, summarizing the essential elements of the project, including narrative and funding request;

(6) Project narrative, including:

(a) Description of the product or process which will result from the study;

(b) Description of the planned commercialization efforts, including market research and feasibility studies to date by the applicant or others, and potential market for the product or process to be developed. A copy of any marketing plan to date and a copy of any business plan to date must be attached;

(c) Description of the feasibility or market research methodology to be employed, including objectives, tasks, milestones and research site; and a schedule of planned activities and timeframe for completion;

(d) Summary of prior market or feasibility research done by the applicant or others and the development of the product or process to date;

(e) Explanation of how the technology or innovation will benefit the applicant and agricultural producers in South Dakota;

(f) Explanation of why the project is needed and how the project will further develop existing technologies;

(g) Explanation of patents or regulatory approval needed, granted, or expected to be granted as a result of successful feasibility studies or marketing research;

(h) Explanation of the estimated benefit of the project to one or more sectors of South Dakota agriculture, such as increased markets, new uses, or value added to agricultural products;

(i) Explanation of the estimated benefit of the project in terms of impact on tax base, job creation, impact on infrastructure, stability of the economy, bringing new income to the area, or stimulation of other local businesses, together with other positive and negative effects of the project on the area; and

(j) List of project co-sponsors, including name of organization, address, telephone, key contact, and nature of participation. Letters of commitment from co-sponsors must be attached;

(7) List of letters of commitment from all funding sources;

(8) Up to three years of historical financial information from the business, if an existing business;

(9) Assurance of compliance with local zoning and building codes, and that the necessary utilities will be available, or are available, when needed by the project;

(10) Approximate construction date, construction completion date, and date by which the project will be fully operational;

(11) Any preliminary design information that has been completed;

(12) Project budget, including the following categories:

(a) Salaries, wages, and fringe benefits;

(b) Marketing or feasibility study consultant contracts, amounts, and resumes for any such consultants;

(c) Equipment required to conduct the marketing or feasibility study;

(d) Materials and supplies;

(e) Travel;

(f) Publication costs;

(g) Computer costs;

(h) Accounting services, including by whom they are provided;

(i) Legal and patent or intellectual property services, including by whom they are provided; and

(j) All other direct and indirect costs;

(13) Planned expenditures by funding source:

(a) VASF loan proceeds;

(b) Private funds;

(c) Federal funds;

(d) Equity funds of investors or owners; and

(e) Other matching funds, identified by individual source, including letters of commitment for matching funds to be provided contingent on approval of the grant or loan; and

(14) Any other information as requested by the board in order to make a sound and prudent loan decision.

S.D. Admin. R. 68:02:02:17

34 SDR 68, effective 9/13/2007.

General Authority: SDCL 1-16G-5, 1-16G-8(7).

Law Implemented: SDCL 1-16G-5, 1-16G-8(7), 1-16G-25 to 1-16G-27, inclusive.