(d) The committee will review an application based on the following criteria and considerations:

1. (1) An application will not be approved unless the committee determines that there is a reasonable prospect that the borrower will repay a loan according to its terms;
2. (2) An application will only be approved to the extent, in terms of amount, percentage, and period of insurance, that it is prudent for the authority to provide such amount, percentage, and period of insurance and that such amount, percentage, and period of insurance is necessary to complete the financing;
3. (3) No application will be approved unless the committee determines that the insured loan will be serviced by a financial institution as required by the loan agreement;

4. (4) No application will be approved unless the authority determines that the:

   1. (A) Borrower is eligible; and
   2. (B) Insured loan proceeds will be used in connection with an eligible purpose;

5. (5) No application will be approved unless the committee determines that:

   1. (A) The application is complete; and
   2. (B) Information sufficient to make an informed decision on the application has been received; and

6. (6) In reviewing applications, the committee will consider the following, as applicable:

   1. (A) The extent to which the borrower demonstrates need for an insured loan;
   2. (B) The economic feasibility of the business endeavor as evidenced by the:

(i) Borrower’s present and past financial situation and business experience; and

1. (ii) General reasonableness of the business proposal (contract) and financial projections for the future;

   1. (C) Whether the borrower and any guarantors have satisfactory credit histories;
   2. (D) Whether the borrower has sufficient capital and other resources to complete the contract as planned, and the amount and source of equity contributed;
   3. (E) The adequacy of the security offered for the loan; and
   4. (F) The extent to which the business contributes to local economic development and employment.