(1) An applicant for a research and development project loan must submit a brief executive summary of the proposal to the council.

(2) The executive summary must include the following items:

(a) a description of the proposed research and development project, including the product and/or process involved;

(b) an analysis of the project's commercial potential and prospective commercial partners;

(c) an estimate of total financing needs; and

(d) the amount of funds requested from the council including the expected use of proceeds.

(3) The summary should not' contain any information that the applicant does not want subject to public inspection.

(4) The executive summary is evaluated by the council for a determination of whether the project complies with (2) above and whether the project should be advanced to the research and development proposal and review phases.