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Governor's Office of Economic Development

By Rick Rose,2014-03-19 03:51
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Explain existing and expected competition expected as a result of the successful completion of this feasibility study or market research.

Governor’s Office of Economic Development

Value-Added Agriculture Subfund Application

Please type or print clearly. Be sure to fill in each blank and answer each question. If

    not applicable, mark N/A and explain. If there is not enough room, attach additional

    sheets.

SECTION 1. CERTIFICATION

    All information contained below and in schedules attached is true and complete to the best knowledge and belief of the applicant. There is no intent to deceive or defraud the Board of Economic Development or any potential participant in any grant or loan to finance this project.

    The applicant recognizes that the GOED or the Board of Economic Development may not process any applications that are not complete. Incomplete applications will be returned to the applicant for completion.

    The Applicant also recognizes that Chapter 68:02:01:23 of the South Dakota Administrative Rules state that … “not withstanding any assurance, guarantee, communication, or representation made to the contrary, there shall be no commitment of any loan program without specific authorization of the Board of Economic Development…”. Only the board may make an award from the program to an applicant.

    I declare and affirm under the penalties of perjury that the claim (petition, application, information) has been examined by me, and to the best of my knowledge and belief, is in all things true and correct.

    APPLICANT SIGNATURE: ______________________________________________

DATE: ______________________________

SECTION 2. APPLICANT INFORMATION

    NAME OF APPLICANT:_________________________________________________

    STREET ADDRESS: ____________________________________________________

    MAILING ADDRESS: ___________________________________________________

    CITY/STATE/ZIP CODE: ________________________________________________

    TELEPHONE: _________________________________________________________

SECTION 3. EVALUATION CRITERIA

The criteria for evaluating proposals is as follows, if applicable:

    1. The concept is new technology or a new application of existing technology with a

    reasonable assurance that the concept will work.

    2. Preliminary market and feasibility research has been conducted by the applicant or

    others, and there is a reasonable assurance of a potential market.

    3. The applicant has demonstrated the ability to manage the business of fully

    commercializing the idea.

4. There is favorable community support for the project.

    5. There are favorable recommendations from local economic development groups,

    university-based technical specialists, or other qualified service providers.

    6. There are favorable collateral contacts to determine the applicant's qualifications and

    background.

    7. The applicant demonstrates a personal commitment and a commercialization

    development plan.

    8. The capacity of the applicant to repay a loan if awarded, including the amount of the

    loan, the economic feasibility of the project or product; the ability of the applicant to

    service the debt from cash flow of operations, capital or collateral; the review of the

    financial status of the project, business plan, and applicant; the satisfaction of

    engineering, legal and environmental regulations, and the availability of necessary

    utilities.

    9. The terms and conditions of the loan, if awarded, and compatibility with the needs of

    the business of the fund.

10. There is an adequate and realistic budget projection.

    11. An applicant may not apply for a loan for more than 45% of the total projects cost for

    marketing or feasibility studies expenses. Matching funds may include cash spent, or

    in-kind services rendered, on behalf of this project by the applicant after board

    approval of the application.

    12. An applicant must provide an equity contribution of at least 10 percent of the total

    project costs for marketing or feasibility studies expenses.

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SECTION 4. EXECUTIVE SUMMARY

SUMMARIZE THE ESSENTIAL ELEMENTS OF THE PROPOSAL

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    Project Loan Amount: $ ________________________________________

    Estimated Cost of Project/Study: $ ________________________________________

    Estimated Contribution(s) to Date: $ ________________________________________

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SECTION 5. PROPOSED PROJECT OWNERS AND MANAGEMENT

PROPOSED OWNERS, INVESTORS AND MANAGEMENT

    (Attach resumes and references.)

     NAME ADDRESS TELEPHONE

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OWNER(S) OR OPERATOR(S) OF BUSINESS DURING TERM OF LOAN

     NAME ADDRESS TELEPHONE

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SECTION 6. PURPOSE OF THE LOAN

DESCRIPTION OF THE PRODUCT OR PROCESS

    Describe the product or process that will result from the feasibility study or marketing

    plan.

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DESCRIPTION OF PLANNED COMMERCIALIZATION EFFORTS

    Describe the planned commercialization efforts, including market research and feasibility studies performed to date by the applicant or others, and the potential markets

    for the proposed product or process.

    (Attach all pertinent marketing and business plans.)

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DESCRIPTION OF FEASIBILITY OR MARKET RESEARCH METHODOLOGY

    Objective(s) ____________________________________________________________

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    Tasks _________________________________________________________________

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    Milestones _____________________________________________________________

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    Research Site ___________________________________________________________

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    Schedule of Planned Activities ___________________________________________

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    Timeframe for Completion ___________________________________________

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BENEFITS OF PROJECT TO SOUTH DAKOTA AGRICULTURE

    Explain how technology or innovation will benefit the applicant, the end user of the project, and agriculture in South Dakota. For example: increased markets, new uses, value added to agriculture products, etc.

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BENEFITS OF PROJECT TO SOUTH DAKOTA ECONOMY

    Explain the estimated benefit of the project in terms of creating jobs, impacting the tax

    base and infrastructure, bringing new income to an area, stabilizing and /or diversifying

    the economy, stimulating other local business, etc.

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NECESSITY OF PROJECT

    Explain why this particular project is needed and how it will further develop existing

    technologies.

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MARKETS

    Explain specific markets this particular project expects to target.

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COMPETITION

    Explain existing and expected competition expected as a result of the successful completion of this feasibility study or market research.

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PATENTS OR REGULATORY APPROVAL

    Explain, if applicable, any patents or regulatory approval that is needed, has been granted or is expected to be granted as a result of the successful completion of this feasibility study or market research.

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SECTION 7. PROJECT CO-SPONSORS

PROJECT CO-SPONSORS

    Identify supporters of the proposal and any contributions they may make to the project.

    (Attach letters of commitment.)

     Organization _____________________________________________________

     Mailing Address __________________________________________________

     City/State/Zip ____________________________________________________

     Telephone _______________________________________________________

     Key Contact _____________________________________________________

     Nature of Participation _____________________________________________

     Organization _____________________________________________________

     Mailing Address __________________________________________________

     City/State/Zip ____________________________________________________

     Telephone _______________________________________________________

     Key Contact _____________________________________________________

     Nature of Participation _____________________________________________

     Organization _____________________________________________________

     Mailing Address __________________________________________________

     City/State/Zip ____________________________________________________

     Telephone _______________________________________________________

     Key Contact _____________________________________________________

     Nature of Participation _____________________________________________

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