§ 219. Application procedure. 1. The commissioner of economic
development shall establish procedures and other requirements for
participation in the program, and shall provide a simplified application
form to the participating lenders for linked deposits. Such form shall
reflect the qualifying information required by this article for eligible
businesses and shall contain a statement by the applicant that inability
to obtain the reduced interest rate provided by the program would impede
the ability of the applicant to undertake the eligible project. Upon
completion of any application for a linked deposit, the lender shall
send the application, together with the interest rate certification
required pursuant to section two hundred eighteen of this article, to
the commissioner of economic development who shall either approve or
reject the application within twenty-eight days. The commissioner of
economic development shall evaluate each application based upon the
following criteria:

(a) the significance of the eligible project for improving the
competitive position and profitability of the eligible business;

(b) the materiality of a reduced cost of borrowing through a linked
loan to the ability of the eligible business to undertake the eligible
project;

(c) the number of jobs likely to be created or retained, or other
substantial economic benefits likely to be achieved as a result of the
linked loan; and

(d) such other criteria as the commissioner of economic development
determines relevant.

2. If the deposit application is approved by the commissioner of
economic development, the commissioner shall notify an authorized
depositor that the commissioner has determined that the application
satisfies the requirements of this article, and the commissioner shall
request the authorized depositor to deposit funds with the lender in
accordance with section ninety-eight-a of this chapter and with the
authorized depositor's established procedures. Such deposits shall be
secured in accordance with the provisions of section one hundred five of
this chapter, and lenders receiving such deposits shall satisfy, in the
sole judgment of the authorized depositor, all collateral and other
requirements generally applied by the authorized depositor to funds
invested by it. The notified authorized depositor and the lender shall
enter into a written deposit agreement. In no event shall any defect in
any such agreement be asserted as a defense by a borrower on a linked
loan made pursuant to the program.