It is the policy of the Finance Committee to strive for and encourage, throughout the application process:
Maximum participation by financial institutions and local development groups; and
A minimum administrative burden on the applicant and on the local government.
Any applicant may submit an application to the Department on a form approved by the Department, together with an application fee.
If the amount of the loan being sought from the Fund is $250,000 or less, the Director may in the Directors sole discretion approve or deny the loan request or forward it to the Finance Committee for the Committees consideration.
If the amount of the loan being sought from the fund exceeds $250,000 the Department shall make a recommendation to the Finance Committee, which may in its sole discretion approve or deny the loan request.
If a loan request is approved, the Department shall prepare the documents necessary to close the loan transaction. Such documents shall reflect all terms and conditions upon which the Finance Committee or the Director may have conditioned approval of the loan. Any material modifications of those terms and conditions must be approved by the Chair of the Finance Committee or his/her designee, or the Director for loans of $250,000 or less.