(a) For an applicant to be eligible for a loan under AS 16.10.890 — 16.10.945, the applicant shall be

1. (1) a resident of the state who has

   1. (A) a permitted mariculture farm location in this state; and
   2. (B) experience or training in the mariculture industry; or

2. (2) a resident of the state or entity organized under the laws of this state that

   1. (A) holds a permit under AS 16.40.100 to operate a hatchery for the purpose of producing aquatic plants or shellfish; or
   2. (B) conducts shellfish enhancement projects.

(b) In addition to the requirements set out in (a) of this section, the applicant

1. (1) may not be eligible for financing from other recognized commercial lending institutions; or
2. (2) shall be able to obtain only a portion of the total loan request from a recognized commercial lending institution.

(c) To meet the residency requirements of (a) of this section, an individual applicant

1. (1) shall physically reside in this state and maintain a domicile in this state during the 24 consecutive months preceding the date of application for the program; and

2. (2) may not have

   1. (A) declared or established residency in another state; or
   2. (B) received residency or a benefit based on residency from another state.