(1) An applicant for a seed capital project loan shall submit a brief executive summary of the proposal to the council.

(2) The executive summary must include the following items:

(a) a description of the agricultural product and/or process being developed or marketed with particular emphasis on any proprietary characteristics which would result in a competitive advantage for the applicant;

(b) a characterization of the market for the product or process, including potential size, customers, and methods required for selling the product or process to the market;

(c) a description of the management team's experience and qualifications which are relevant to the particular agricultural business area in which the company is proposing to enter;

(d) an estimate of projected sales revenue and new jobs; and

(e) the amount of capital needed for the current round of financing, in addition to a listing of other potential investors.

(3) The executive summary should not contain any information that the applicant does not want subject to public inspection.

(4) The executive summary is evaluated by the council for a determination of whether the project complies with (2) above and whether the project should be advanced to the business plan development and review phases.