(1) The MBDC may apply for a development loan by submitting an application to the department on a form provided by the department. The application shall contain:

(a) a description of all outstanding obligations of the MBDC including copies of all notes and contracts payable and a complete description of all collateral pledged as security for said notes and contracts;

(b) a copy of the most recent audited financial statements of the organization including if applicable, a supplemental schedule or other detailed information to specifically disclose the financial condition and results of operations of the MBDC;

(c) any other information deemed necessary by the department to evaluate the application.

(2) The department will review the application to determine if the application is complete under ARM 8.99.501 above.   The department may, in its discretion, request the MBDC to provide additional information relevant to the evaluation of the applications.

(3) Loan awards will be made at the sole discretion of the department.