Section 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.