(1) The following steps are taken by the council to complete its evaluation in order to arrive at a loan decision:

(a) Upon receipt of the completed business plan, threshold evaluations may be obtained from technical and financial reviewers.

(b) Once the threshold evaluation step is completed, council staff will schedule an on-site meeting with the company's management team to discuss the applicant's objectives and financing needs.

(c) The council staff will then conduct its own due diligence examination of the seed capital project proposal, which involves, at a minimum, a thorough assessment of the project's compliance with the applicable criteria and goals as set forth in the act and rules, the company's management team, the company's potential market, other investors, ownership, and management and financial references.

(d) Council staff will then develop a recommendation for the council for its review and consideration.

(e) The applicant shall make a formal presentation to the council at a regularly scheduled council meeting.