R990-12-6. Application Requirements

(1) Applications shall be submitted on forms published, and in accordance with the procedures outlined by the Division with the advice of the Committee. Completed applications which have been accepted for processing will be placed on the next available Committee agenda for review and recommendation.

(2) The primary process for submitting an application to the fund is as follows:

(a) An Eligible Small Business must apply for a credit product at a financial institution which has a signed a State Small Business Credit Initiative Program Fund Participation Agreement with the Division.

(b) The small business applicant must have been deemed ineligible for current banking products offered by the financial institution.

(c) The participating financial institution will submit an application form, in addition to the relevant documentation and underwriting criteria, to the Division and specify the type, amount and reason for a loan participation or loan guarantee on the transaction.

(d) The Committee at its discretion may interview parties involved in the transaction to further clarify any information as part of the application review prior to issuing a recommendation to the Director.

(3) An applicant may respond to a specific Request for Applications issued by the Division on forms prescribed by the Division.