(1) An applicant may submit an application to the Department on a form or in a format approved by the Department, together with an Application Fee.(2) If the amount of the loan being sought from the Fund is $250,000 or less, the Director may in the Director’s sole discretion approve or deny the loan request or make a recommendation to the Finance Committee for the Committee’s consideration.(3) For loan requests that exceed $250,000, the Department may deny the loan requested or make a recommendation to the Finance Committee, which may then in its sole discretion approve or deny the loan request.(4) 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 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.