Section 15-5-7 - Application procedure(a) Before applying to the department, an applicant shall make every effort to obtain the loan from a financial institution. If the applicant is unable to obtain the loan from a financial institution, the applicant shall ascertain whether a financial institution, would be willing to make the loan in participation with the department.(b) All persons applying for loans shall utilize the department's loan application form or an appropriate loan application form from a financial institution or the U.S. Small Business Administration and shall furnish such financial statements as may be required by the department.(c) The application form shall be submitted first to the applicant's financial institution currently dealt with. If the applicant cannot obtain a direct loan or if the financial institution declines to make a participation loan, the application shall then be submitted to at least one other financial institution before it is submitted to the department.(d) All financial statements submitted by an applicant shall show the applicable date of the information given and shall be signed and certified by an applicant or an authorized representative of the applicant. The department may require an audited statement. The department may also require that financial statements accompanying applications include balance sheets and profit and loss statements for the past two tax years, if applicable.[Eff. APR 03 1982; am and comp DEC 21 1989] (Auth: HRS § 211E-2) (Imp: HRS § 211E-2)