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It looks like Elio could make it in this if they can prove they can make a profit, show that the Elio will get at least 25% better than a 2005 model, and ... the tricky part... be positive financially... tough for a new company, I'd think.
Financial statements for the past three years, or less if the applicant has been in operation less than three years, that have been audited by an independent certified public accountant. Include all associated notes, as well as interim financial statements and notes for the current fiscal year, of the applicant and parties providing the applicant’s financial backing.Also include business and financial interests of controlling or commonly controlled organizations or persons,including parent, subsidiary and other affiliated corporations or partners of the applicant
An analysis demonstrating that, at the time of the application, the applicant is financially viable without receipt of additional Federal funding associated with the proposed project, and that there is a reasonable prospect that the applicant will be able to make payments of principal and interest on the loan as and when such payments become due under the terms of the loan documents;and that the applicant has a net present value (NPV) which is positive, taking all costs,existing and future, into account. For publicly traded companies, this information must include relevant filings with the U.S. Securities and Exchange Commission.
He was kidding. Atvm would not consider Elio for so many different reasons, the financials would be the most important one.Why should the DOE ignore the financials?
NO. For the 10,000th time. THAT IS NOT WHAT THE LANGUAGE SAYS. The language says that the borrower must show that they will be financially viable AFTER receiving the loan without any FURTHER or ADDITIONAL government assistance other than the loan itself. Look it up and read it again.One of the requirements is that the loan demander must be financially viable without the loan.
They are. What that means is that the company, when producing vehicles, must not run in the red. Tesla would not qualify because they continually lose money. Elio, as shown by their bill of materials, sales price, and overhead, would be financially viable. But, that's because they put less material into each vehicle and it's easier to assemble and the material that make up the Elio are less expensive.One of the requirements is that the loan demander must be financially viable without the loan.