R990-12-7. Application Review Procedures

(1) The Committee will review applications and make recommendations on whether to fund a loan or loan guarantee at regularly scheduled review meetings as published on the Division's website.

(2) The process for review of new applications for loans and loan guarantees shall be as follows:

(a) Submission of an application, on or before the applicable deadline to the Division program staff for technical review and analysis.

(b) Incomplete applications will be held by the staff pending submission of required information.

(c) Complete applications accepted for processing will be placed on the next available review agenda.

(d) At the review the Committee may either recommend:

(i) denial of the application;

(ii) the issuance of the requested loan or loan guarantee

(iii) a modified issuance of a loan or loan guarantee

(iv) further analysis of the viability of the project through further collection of documentation prior to issuing a decision on the funding request.

(e) Final recommendations of the Committee on issuance or denial of applications will be forwarded to the Director.

(f) The Director may issue loans or loan guarantees after reviewing the recommendation of the Committee.