Section 13: Grant and approval of loans

267 words·~1 min read·/ma/part-i/title-ii/chapter-23g/13

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 13. The board of directors of the Agency may, upon application by a marine seafood processor, grant a loan based upon its finding that it will contribute to the economic stimulation of the company, support the growth of the seafood industry as a whole, and is consistent with its public purpose.

Any seafood processor may make an application to the Agency in a form approved by the Agency which shall contain at least the following:

(1)a general description of the company, including but not limited to, a business plan, corporate history, last audited financial statement and an inventory of equipment owned or to be purchased;

(2)a general description of the number, type and class of employees employed or to be employed in the operation and the total of salary expenditures;

(3)a description of all real estate held or used in conjunction with the applicant's business, including leased facilities and a list of encumbrances thereon;

(4)evidence that the loan will enhance seafood production, and the efficient operation of the facility, and also increase or retain employment;

(5)such other financial information as the Agency shall deem necessary including personal financial information of the applicant and principals of the applicant.

The powers, rights and funds granted to the Agency in this section and in sections 11 and 12 shall in no way derogate or diminish any other power or right of the Agency granted elsewhere, including without limitation, the Agency's power to make loans consistent with this chapter to seafood processors with funds other than those contained in the Marine Seafood Processing Loan Fund.