Section 457-314-6 - Disbursements From the Fund (other than direct loans to borrowers)A. Upon a determination of eligibility to receive a disbursement from the fund, the Chief Executive Officer shall determine an amount to be disbursed to an applicant that achieves the widest possible geographic range of distribution of funds, as well as the least possible duplication of disbursement of funds in any one region. The Chief Executive Officer shall take into account the following criteria: (1) The size of the region or regions served by the applicant and the demand for loan funds within such region or regions;(2) The relative demand for funds from other eligible applicants;(3) Whether the applicant serves statewide or a geographic area or segment of potential borrowers not served by others; and(4) The number of types of eligible projects referred to in Section 9(A) of this rule within the applicant's area.B. The maximum total disbursement to any one applicant shall be $3,500,000.C. The Chief Executive Officer may determine that a reasonable and prudent amount shall be retained in the fund despite any application that may be pending in order to have funds available to subsequent applicants. In addition, the Chief Executive Officer may determine that a reasonable and prudent amount shall be specifically designated as available only to those applicants which may be in the process of developing or retaining the necessary expertise, with or without the Authority's assistance, to meet the eligibility requirements of this program. The following criteria shall apply to disbursements from this designated fund: (1) The Authority may, in its discretion, determine that an eligible applicant shall receive a disbursement from this designated fund which applicant shall be further subject to the limitations set forth in this subsection. Such a determination will be based primarily on the amount requested, the overall quality of the application and the extent to which receipt of a disbursement from this designated fund will assist in building lending capacity in underserved areas;(2) The Authority may, in its discretion, waive any of the application or eligibility criteria, to the extent not mandated by the Act, in order to achieve wide geographic distribution of program funds and build capacity in underserved areas; and(3) To the extent that an applicant receives a disbursement from this designated fund, such applicant may not make a loan to an eligible borrower in excess of an amount to be set forth in the applicant's contract, without the prior written approval of the Authority.D. The Chief Executive Officer shall issue a commitment to an applicant to disburse the determined amount in multiple disbursements upon satisfaction of any terms and conditions set forth therein.E. In the event an applicant fails to use the funds allocated to the applicant within two years of the commitment date, the Authority may allocate the funds designated for that applicant to one or more applicants. The Authority will use its best efforts to assure that the funds are reallocated for use in the region or regions for which they were originally designated.F. The Chief Executive Officer shall allocate all amounts accrued in the fund from interest earnings on the fund on a "first come, first served" basis to applicants who: (1) Have entered into a contract with the Authority;(2) Have disbursed the full amount originally committed to the Applicant;(3) Have complied with all terms and conditions of their contract with the Authority; and(4) Identify a specific borrower with an eligible project for use of the new allocation.94- 457 C.M.R. ch. 314, § 6