In order for a project to be eligible for the Fund purposes cited in § 8748A of this title, the project must meet the following criteria:
(1) For the purpose of administering the Fund, a small business shall be defined as a firm having a full-time equivalent complement of 100 or fewer Delaware based employees at the time of application;
(2) The firm to benefit from Fund proceeds must create or retain direct, permanent, quality, full-time jobs;
(3) The firm eligible for Fund proceeds must be eligible for and have received commitments for at least 75 percent of the debt amount needed;
(4) The firm eligible for Fund proceeds must be able to collateralize the Fund proceeds to the satisfaction of the Authority which shall use to the greatest extent possible bank like underwriting procedures;
(5) The firm eligible for Fund proceeds must be able to repay the Fund proceeds within a time period and at an interest rate determined by the Authority; and
(6) Projects to be aided by the Fund shall be recommended by the Council on Development Finance (“Council”) and approved by the Chairperson of the Authority. No project shall receive any benefit from the Fund unless such benefit is approved by a majority of the Council.
67 Del. Laws, c. 46, § 26(a); 67 Del. Laws, c. 285, § 21(b), (c); 69 Del. Laws, c. 77, § 25(c)-(e); 70 Del. Laws, c. 186, § 1; 81 Del. Laws, c. 49, § 1.
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