Deciding applications
17 Deciding applications
The authority must consider each application for assistance under the scheme that complies with section 16 and decide to approve, or refuse to approve, the application.
The authority must consider applications in the order they are received by the authority.
In approving an application, the authority may, with the agreement of the applicant, approve a lesser amount of assistance than the amount applied for in the application.
However, an amount agreed to under subsection (3) must not be less than $250,000.
Note—
A loan of $250,000 is the minimum amount of assistance under the scheme for an eligible recovery activity. See section 11(1).
The authority must refuse to approve an application if the authority’s funds for assistance for the scheme are not sufficient to pay for the assistance applied for in the application.
If the authority refuses to approve an application, the authority must give the applicant written notice of the decision.
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