To apply for assistance from the board, an applicant shall submit an application form to the commissioner on a form provided by the commissioner. An application must be completed, dated, and signed by an owner, general partner, or an authorized officer of the applicant. The commissioner shall follow the procedures under part 1587.1200.
An application must contain at a minimum the following information:
Financial statements that include a balance sheet, an operating statement, a statement of the sources and uses of funds, and footnotes to the statements if available for the following time periods:
Financial statements from the previous three years, if applicable. If unaudited, the statements must be signed by an authorized financial officer of the business making application.
A current quarterly financial statement that was compiled within 90 days of the date the application was submitted, if quarterly financial statements are regularly prepared.
Federal tax returns filed by the business for the previous three years if applicable, if the applicant is an individual or partnership.
A proforma balance sheet and income statement for the 24 months following the financial assistance closing that shows the financial position of the applicant and that includes the proposed financing.
Current resumes of key personnel and signed personal financial statements dated as of the date of the application for any person who owns 20 percent or more interest in the business.
A resolution of support or other comparable preliminary approval from the local government unit with respect to the project to be financed or secured with financial assistance.
A statement of informed consent by the applicant regarding the use and dissemination of the private data as provided in Minnesota Statutes, section 13.05, subdivision 4, paragraph (d). If the applicant is a corporation, then an authorized representative of the applicant shall provide a statement of informed consent in a form similar to that provided in Minnesota Statutes, section 13.05, subdivision 4, paragraph (d).
Certification that the employer does not discriminate in employment in a manner contrary to applicable federal or state laws and rules.
Certification of business compliance with all federal, state, or local laws or rules that affect the conduct of business in the state.
As part of the application, the applicant shall submit to the commissioner a comprehensive business plan. The business plan must include, but is not limited to, the following:
a description of the company including the following:
date and state of incorporation, date and state of formation of partnership, or date and state of formation of sole proprietorship;
a description of the product or product line including:
list of patents, copyrights, licenses, or statement of the proprietary interest in the product or product line;
a schedule indicating the completion dates for realizing the significant aspects of the business plan;
a discussion of the risks and problems inherent to the business plan, including both the negative factors and plans to minimize the impact of those factors; and
MS s 41A.04
10 SR 475; L 1987 c 386 art 2 s 22,23
September 10, 2007
Official Publication of the State of Minnesota
Revisor of Statutes