(d) Loan guarantees and insured export transactions shall be secured by no less than a 30 per cent reserve in the fund. The board may elect to require a higher reserve. The regulations adopted by the board as provided in subsection (b) shall include provisions regarding the terms and limits for loan guarantees to be secured by the fund; provided, however, that in no instance shall a loan guarantee secured by the fund exceed either of the following:

1. (1) 70 per cent of the required financing or (2) $1,000,000.

(e) The Agency shall make no affirmative determination to insure, co-insure or guarantee any loan or any extension of the same to be secured by the fund unless and until the board has made the following findings of fact, to be incorporated in the formal records of its proceedings:

1. (1) that borrowers have a minimum equity interest in the business as determined by the board;
2. (2) that the proposed loan guarantees, insurance and coinsurance will be extended to companies that export goods and services produced primarily in Massachusetts or to companies which export goods and services and which have their principal place of business in Massachusetts;
3. (3) there exists adequate collateral or security agreements to ensure the full repayment of loan guarantees and solvency of any insurance or co-insurance program extended under this chapter and to assist in evaluating the program;
4. (4) that, to the extent possible, said loan guarantee or insurance or coinsurance is such that a definite benefit to the economy of the commonwealth may reasonably be expected therefrom; and
5. (5) that financing assistance secured by the fund shall only be extended in one or both of the following circumstances:

(h) The Agency shall, prior to making any loan guarantee pursuant to this section comply with the following requirements:

1. (1) develop or distribute written materials and other information it believes appropriate to familiarize any company interested in exporting with how to enter the export market;
2. (2) to distribute said materials and information, the Agency shall present a series of seminars throughout the commonwealth; and, (3) a loan guarantee may only be offered to a company which has attended at least one seminar within one year prior to its application.