90-9-313. Specific criteria for seed capital project loans. The council may make a seed capital project loan only if it determines that the proposed project complies with the criteria and goals set forth in 90-9-311 and 90-9-312 and further determines that:
     (1) the project develops or employs innovative agricultural products or processes that promise a significant competitive advantage;
     (2) the project requires financing that is not available from conventional lending sources;
     (3) the project provides an opportunity to preserve the principal of the loan amount and to earn a monetary return;
     (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 agricultural businesses;
     (6) the company's management team possesses sufficient agricultural business experience;
     (7) the company has potential for creating and retaining jobs and stimulating tax revenue growth in the state;
     (8) the company's agricultural product or process is targeted for a commercial market;
     (9) the company's product or process is of sufficient quality to significantly impact the target market; and
     (10) if applicable, the company's business plan is designed to provide financing, marketing, and production milestones to accomplish the proposed commercialization.

     History: En. Sec. 3, Ch. 284, L. 1989.