Section 324.14508. Project review; approval process; other actions.

Rule 8. (1) The department shall process loan applications on an as-received basis.

(2)      The department shall determine whether the application and supporting documentation meet the requirements of these rules within 30 days of receipt of a complete application.

(3)   The department shall notify the lending institution and the applicant, in writing, within 14 days of making its determination.

(4)   A loan recipient shall not proceed with the pollution prevention project until the recipient is notified in writing by the lending institution to proceed.

(5)  The department's determination of project eligibility is valid for 90 days from the date of notification.

(6)  The lending institution or the loan recipient shall promptly notify the department, in writing, of any substantive change to an eligible pollution prevention project before expenditure or encumbrance of any loan funds.

(7)   The department will remit payment for its share of the loan from the fund to the lending institution within 30 days from the date of receipt of the executed loan agreement.

(8)    In the case of an ineligibility determination, the department shall provide the applicant with written notice of the reason for the determination. There is no formal appeal of the department's loan decision.

(9)   Subject to the provisions of R 324.14503(1)(e), a small business can reapply for a loan at any time.

(10)   If the department or the lending institution determines that a loan recipient has defaulted on any agreements signed or obligations pursuant to this part, in addition to the actions specified in the lender and supplemental agreements, the department may take any legal actions available to remedy the default.

History: 1998-2000 AACS; 2013 AACS.