(a) Authority for the day-to-day operation of the Small Business Revolving Loan Fund, excluding the approval of loan guarantees or other forms of credit guarantees, is delegated by the Board of Directors of the Arkansas Development Finance Authority (“authority board”) to the Vice President of Development Finance or his or her designee.
(b) With the exception of appeals, the Small Business Loan Committee of the Board of Directors of the Arkansas Development Finance Authority (the “committee”) is authorized to:
(1) Approve loan guarantees or other forms of credit guarantees; and
(2) Execute any document necessary or convenient to make effective such guarantees.
(c) The board shall have the authority to review appeals from the committee’s decision as provided in 15 CAR § 71-108.