Section 248-102-III - Application for InvestmentA financial institution may submit an application to the Treasurer to receive an investment or investments of State funds under 5 M.R.S.A. Section135 to support a qualified loan or loans to a commercial enterprise. Applications will be submitted to the Authority for processing. The application shall be on forms provided or approved by the Treasurer and shall identify the financial institution and, for each loan, shall also:
A. Identify the commercial enterprise and its owner(s);B. Describe the purpose or purposes for which the loan proceeds will be used;C. Specify the amount of the loan principal or, where the loan principal is greater than the supporting investment, the participation amount;D. State the interest rate which would be charged if a supporting investment of State funds were not made and the rate if the supporting investment is made (interest rates to borrowers must fully reflect the interest rate savings to the financial institution on the State investment);E. Provide satisfactory evidence in support of the eligibility criteria set forth in Section II hereof;F. Contain a certification by the financial institution and by the loan applicant as to the accuracy of the information provided;G. Contain such other information or certifications the Treasurer may deem necessary to comply with the requirements of this rule; andH. Include a non-refundable $50.00 administrative fee, provided however that the applicant may pay the fee within 15 days after the Authority sends the applicant notification that State funds will be invested with respect to a particular qualified loan. If the Authority does not receive the administrative fee within 15 days of sending the applicant a notification of approval, the application will be deemed to have been withdrawn.28- 248 C.M.R. ch. 102, § III