§22-24-6. Loan processing.
The authority shall: (a) Process small business environmental
loan applications and assure that a copy is forwarded to the
director for eligibility review; (b) confirm that the director has
certified the environmental acceptability of the project; (c)
verify the borrower's eligibility as provided by section two of
this article; (d) evaluate the borrower's financial stability,
needs and ability to repay based upon an appropriate examination of
financial information, including, but not limited to, income and
credit histories, income tax returns, financial statements and
collateral offered to secure the loan; (e) process loans for
payments; and (f) establish loan processing procedures that
include, but are not limited to, loan approvals, accounting,
authorizations for payments, loan repayments and auditing of the
small business environmental loan program. The authority shall
implement reporting requirements that include the total number of
full-time employees of the loan recipient on the thirtieth day of
September of each calendar year for the term of the loan.
The authority shall act upon loan requests within forty-five
days of receipt of a complete application as determined by the
Note: WV Code updated with legislation passed through the 2016 Regular Session
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