(a) No administering corporation shall be eligible for selection by the corporation to administer a minority and women revolving loan trust fund account unless it:

1. (1) represents a service delivery region;
2. (2) has available to it staff with sufficient expertise to analyze applications for financial assistance, to regularly monitor financial assistance to clients, and has made arrangements to provide management or technical assistance to clients;
3. (3) has an effective plan to market its services and to market programs provided by the corporation and the State Department of Economic Development to eligible businesses throughout its service delivery region; and
4. (4) has established a loan committee composed of six or more persons experienced in business management, commercial lending or in the operation of a for-profit business, at least half of whom shall be experienced in commercial lending, at least one-third of whom shall be minority persons and at least one-third of whom shall be women.

(b) The corporation shall prepare and disseminate a request for proposals from administering corporations seeking to be selected by the corporation to administer a minority and women revolving loan trust fund account to be established for a service delivery region. Said request for proposals shall be disseminated widely throughout the State, and to local development corporations, industrial development agencies, and other appropriate regional and local economic development entities. Each administering corporation responding to said request shall submit a proposal that:

1. (1) describes the administering corporation, including its organization, membership, loan committee, staff, and sources of other funds, if any;
2. (2) identifies its service delivery region;
3. (3) explains the methods and criteria to determine whether a firm in its service delivery region seeking assistance from its minority and women revolving loan trust fund account is an eligible business, which shall include, without limitation, the methods and criteria set forth in section 4215.8(l) of this Part;
4. (4) describes the means for coordinating financial assistance available from its minority and women revolving loan trust fund account with financial assistance available from other public funding sources within its service delivery region, the corporation and the State Department of Economic Development and how such funds will be used to leverage private financing for eligible projects;
5. (5) contains such other information as the corporation deems appropriate.

(c) In determining whether to select an administering corporation meeting the criteria set forth in subdivision (a) of this section to administer a minority and women revolving loan trust fund account, the corporation shall consider:

1. (1) the ability of the administering corporation to administer the financial assistance programs authorized hereunder;
2. (2) the extent of coordination with other publicly supported financial assistance programs available within the service delivery region;
3. (3) the degree of public and private support within the service delivery region for the administering corporation; and
4. (4) whether all or part of the service delivery region within which an administering corporation proposes to administer a minority and women revolving loan trust fund account is already being served by another administering corporation administering the financial assistance programs forth hereunder.