95-592 C.M.R. ch. 701, § 5 - APPLICATION PROCEDURE AND CONTENTS

Current through 2022-14, April 6, 2022

A. Prior to being considered for an investment from the Program Funds, a company seeking investment must supply, at a minimum, the following information:
1. A description of the applicant, which identifies the business of the applicant, including the legal form of the business entity.
2. A statement of how the investment will be used.
3. The background and experience of all individuals essential to the applicant. (Resumes may be attached to fulfill this requirement.)
4. A description of the goal and/or opportunity, which inspired the applicant.
5. A description of the current status of the applicant, including an assessment of the stage it is at in its effort to achieve its goal or opportunity.
6. A description of all previous investments received by the applicant.
7. An assessment of the current value of the applicant.
8. An estimate of the amount of capital needed to achieve the goal or opportunity of the applicant.
9. A description of the competition of the applicant.
10. A statement of how the applicant will obtain the required matching funds.
11. A description of the potential of the applicant for high growth and public benefit.
12. The profit and loss statement, balance sheet and statement of cash flows for the most recent two years or such shorter time as the applicant has conducted the business.
13. The applicant's projected financial statements for the next three years, including a profit and loss statement, balance sheet, statement of cash flows and any other projections the Board requests.
14. A disclosure of any actions, suits, proceedings or investigations pending against or, to the knowledge of the applicant or the individuals managing the applicant, threatened against or affecting the applicant or the individuals managing the applicant.
B. The applicant shall provide such additional information related to the business or the individuals managing the business as the Board may reasonably request.

Notes

95-592 C.M.R. ch. 701, § 5

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