90-3-504. Specific criteria for seed capital project loans. The board may make a seed capital project loan only if it determines that the proposed project complies with the criteria and goals set forth in 90-3-502 and 90-3-503 and the board further determines that:
     (1) the project develops or employs innovative technology to produce a product or process that promises a significant competitive advantage;
     (2) the project provides an opportunity to preserve the principal of the loan amount and earn a monetary return;
     (3) the project has potential to realize substantial growth in sales and a sales revenue level that provides the capacity to meet the board's payback requirements;
     (4) the company is located or preparing to locate within the state;
     (5) the project demonstrates a capacity to diversify or add value to the state's basic industries;
     (6) the company's management team possesses sufficient business experience to enable the company to reach its commercial potential;
     (7) the company has a strong potential for creating and retaining jobs and stimulating tax revenue growth in the state;
     (8) the company's product or process is targeted for a sizeable commercial market;
     (9) the company's product or process is of sufficient quality to significantly impact the target market; and
     (10) the company's business plan is sufficiently designed to complete financing, marketing, and production objectives to accomplish the proposed commercialization.

     History: En. Sec. 7, Ch. 316, L. 1989.