WILLIAM DONALD SCHAEFER, Governor Ch. 511

(II) FREEZING;

(III) STORING;

(IV) PACKAGING;

(V) DISTRIBUTION;

(VI) MARKETING; OR

(VII) PROCESSING;

(3) THE LOAN SHALL BE USED TO IMPROVE THE QUALITY,
EFFICIENCY, AND COMPETITIVENESS OF THE APPLICANT'S SEAFOOD
PROCESSING OR AQUACULTURE OPERATIONS;

(4) PRIOR TO THE RECEIPT OF FUNDS UNDER THIS PART, THE
APPLICANT SHALL PROVIDE EVIDENCE OF RECEIVING ALL NECESSARY
APPROVALS FOR PROJECTS FROM THE APPROPRIATE FEDERAL, STATE,
OR LOCAL AGENCIES;

(5) AN APPLICANT SHALL DEMONSTRATE TO THE
DEPARTMENT:

(I) A FINANCIAL PLAN THAT DETAILS HOW THE
PROPOSED LOAN IS EXPECTED TO IMPROVE THE FINANCIAL POSITION
OF THE COMPANY; AND

(II) A REASONABLE EXPECTATION OF LONG-TERM
PROFITABILITY; AND

(6) THE RATES AND MATURITIES OF THE LOANS SHALL BE SET
IN ACCORDANCE WITH THE NEEDS AND CREDIT STRUCTURE OF EACH
APPLICANT.

13-127.

THE DEPARTMENT MAY MAKE A LOAN TO AN APPLICANT ONLY IF:

(1) THE APPLICANT MEETS THE QUALIFICATIONS REQUIRED
BY THIS PART; AND

(2) THE LOAN IS TO BE USED TO ENCOURAGE INNOVATION,
EXPANSION, AND MODERNIZATION OF:

(I) THE SEAFOOD PROCESSING INDUSTRY; OR

(II) THE AQUACULTURE INDUSTRY.
13-128.

(A) TO APPLY FOR FINANCIAL ASSISTANCE, AN APPLICANT SHALL
SUBMIT TO THE DEPARTMENT AN APPLICATION ON THE FORM THAT
THE DEPARTMENT REQUIRES.

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