Sec. 21.2. Eligibility requirements

(a) The department, or the UDC upon the approval of the commissioner, may provide financial assistance for a preliminary feasibility study of an industrial firm, group of industrial firms, or purchasing group qualified pursuant to Part 20 of this Title, which has demonstrated its commitment to fully cooperate with the department and experts conducting such study.

(b) The department, or UDC upon approval by the commissioner, may provide financial assistance for a full feasibility study to an industrial firm qualified pursuant to Part 20 of this Title which has a preliminary feasibility study or an equivalent assessment, acceptable to the department, which concludes:

(1) that the firm has potential for future profitability and a reasonable chance of becoming viable, and that the proposed local buy out or corporate restructuring or turnaround plan appears to be feasible;

(2) that management and the labor force are willing to jointly participate in a full study and resolution of productivity and management problems and to fully cooperate with the department and its experts;

(3) that the interests of employees would be served by such a study; and

(4) that the firm or purchasing group is committed to the full study, including but not limited to the cost-sharing financial contribution required by Part 25 of this Title.