(3) IS OWNED BY ECONOMICALLY DISADVANTAGED INDIVIDUALS;

(4) (2) HAS APPLIED FOR AND BEEN DENIED A LOAN BY A FINANCIAL
INSTITUTION MADE REASONABLE EFFORTS TO OBTAIN FINANCIAL ASSISTANCE ON
REASONABLE TERMS FROM OTHER SOURCES; AND

(5) (3) MEETS THE QUALIFICATIONS REQUIRED BY THIS SUBTITLE.

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

(D) THE APPLICATION SHALL INCLUDE:

(1) A DETAILED BUSINESS PLAN, INCLUDING:

(I) AN ITEMIZATION OF KNOWN AND ESTIMATED COSTS;

(II) THE TOTAL AMOUNT OF INVESTMENT REQUIRED; AND

(III) THE AMOUNT OF FINANCIAL ASSISTANCE REQUESTED FROM
THE DEPARTMENT;

(2) THE AMOUNT OF FUNDS AVAILABLE TO THE APPLICANT WITHOUT
FINANCIAL ASSISTANCE FROM THE. DEPARTMENT;

(3) INFORMATION RELATING TO THE FINANCIAL STATUS OF THE
APPLICANT, INCLUDING;

(I) A CURRENT BALANCE SHEET; 

(II) A PROFIT AND LOSS STATEMENT;

(III) CREDIT REFERENCES; AND

(TV) EVIDENCE THAT THE APPLICANT AND THE OWNERS ARE
FINANCIALLY RESPONSIBLE, INCLUDING A STATEMENT OR EVIDENCE THAT
NEITHER THE APPLICANT NOR ANY OF ITS OWNERS:

1. HAVE HAS FILED FOR BANKRUPTCY IN THE 7 YEARS
PRECEDING THE APPLICATION;

2. HAVE HAS ANY EXISTING LIENS OR JUDGMENTS; AND

3. CURRENTLY OWE OWES ANY STATE OR FEDERAL TAXES
THAT WERE NOT PAID WHEN DUE;

(4) IF THE APPLICANT IS NOT AN INDIVIDUAL, INFORMATION SHOWING
THE FINANCIAL STATUS OF EACH OWNER OF THE APPLICANT, INCLUDING:

(I) A CURRENT BALANCE SHEET;

(II) AN INCOME STATEMENT; AND

(III) CREDIT REFERENCES;