Subpart
1.
Eligibility requirements.
An eligible
applicant must be a nonprofit corporation that can demonstrate the authority
and ability to establish and administer a revolving loan fund, to initiate and
implement economic development within its funding region, to be familiar with
other available public and private funding sources and economic development
programs, and to analyze projects to objectively review loan requests. Subject
to the approval of the commissioner, an applicant may contract with other
entities that have the technical skills to provide the specific services that
fulfill this requirement.
An eligible applicant must demonstrate that its board of
directors includes citizens who are experienced in rural development, has
representatives of the regional development commissions (when applicable), and
has directors representative of the geographic areas in the funding
region.
Subp. 2.
Process for submitting application.
The commissioner shall
give notice of the period during which applications will be accepted. The
notice must be published in the State Register at least 30 days before the
closing date.
Subp. 3.
Contents of application.
The application must be in a form
prescribed by the commissioner and must include:
A. an assurance signed by the regional
organization's chair that the applicant will comply with all applicable state
and federal laws and requirements;
B. a resolution passed by the applicant's
board of directors approving the submission of an application and authorizing
execution of the grant agreement if funds are made available;
C. documentation of an applicant's
eligibility; and
D. any additional
information that the commissioner requests as necessary to clarify and evaluate
the application.
Subp.
4.
Evaluation and approval of
applications.
Applicants that meet the eligibility requirements
will be evaluated in the following two areas:
(1) their ability to provide a nonpublic
direct dollar match to the challenge grant award, and
(2) their ability to implement requirements
of the challenge grant program (including cooperation with other rural
development organizations in carrying out the challenge grant program to
promote rural development and provide technical assistance).
