(1) Prior to making an initial loan or grant determination, the council must:

(a) direct the department to ensure applications are completed as required by ARM 4.16.503 or ARM 4.23.103;

(b) review all complete applications and the accompanying materials required by ARM 4.16.503 or ARM 4.23.103;

(c) determine whether each proposed project meets the requirements of 90-9-308, 90-9-311, and 90-9-502, MCA;

(d) consider information provided by the applicant to the council at a meeting designated for such purpose;

(e) determine whether grant applicants meet the requirements of 90-9-310 and 90-9-504, MCA; and

(f) rank the projects according to the information reviewed.

(2) After the council has reviewed and ranked the projects, it will make funding decisions based on eligibility, funds availability, and project rankings.

(3) The council may provide preference to projects within targeted areas.