; (2) to allow a company that is less than 51 percent employee owned to become at least 51 percent employee owned; (3) to allow a company that is already at least 51 percent employee owned to increase the level of employee ownership at the company; and (4) to allow a company that is already at least 51 percent employee owned to expand operations and increase or preserve employment. (c) Preconditions Before the Bank makes any subordinated loan or guarantees a loan under subsection (b)(1), a business plan shall be submitted to the Bank that— (1) shows that— (A) not less than 51 percent of all interests in the company is or will be owned or controlled by an employee stock ownership plan or eligible worker-owned cooperative; (B) the board of directors of the company is or will be elected by shareholders on a 1 share to 1 vote basis, or by members of the eligible worker-owned cooperative on a 1 member to 1 vote basis, except that shares held by the employee stock ownership plan will be voted according to section 409(e) of the Internal Revenue Code of 1986, with participants providing voting instructions to the trustee of the employee stock ownership plan in accordance with the terms of the employee stock ownership plan and the requirements of that section 409(e); and (C) all employees will receive basic information about company progress and have the opportunity to participate in day-to-day operations