(1) In order to apply for a grant or loan, an applicant must:

(a) Complete the application form. If seeking a grant, complete the grant eligibility portion of the application.

(b) Provide a credit report for all parties seeking the loan or grant. If a credit report is not available, an exception to this requirement must be sought.

(c) Provide a current cash flow statement and projected cash flow statements for the business for the next three years at a minimum. Any assumptions used to create this cash flow statement must be included.

(d) Provide a current and projected balance sheet for the business. Any assumptions used to create this balance sheet statement must be included.

(e) Have on file with the Secretary of State all paperwork (if any) required to do business in Montana under the name seeking the grant or loan.

(2) Applicants are encouraged to have a professional business plan.