(1) On receipt of an application, the Board shall submit the application to the Evaluation Committee to conduct due diligence checks on an applicant.
(2) An applicant may be required to attend an interview with the Evaluation Committee prior to the consideration of an application by the Board.
(3) Within 15 days of receipt of an application, the Evaluation Committee may make a recommendation to the Board to refuse an application if the support required consists of —
(a) investment in equipment that is not directly related and critical to the micro business enterprise;
(b) the purchase of real estate or motor vehicles;
(c) the construction of facilities;
(d) liquidation of debts;
(e) payment of taxes;
(f) payment of customs duties except in the case of newly acquired goods and services purchased under the Youth Economy Programme.
(4) After the conduct of due diligence checks on an applicant, the Evaluation Committee shall prepare a report of its findings and recommendations for the Board.
(5) An applicant shall not refuse to answer a question under subsection (1) or (2), or knowingly give information which is false or inaccurate.
(6) An applicant who contravenes subsection (5) commits an offence and is liable on summary conviction to a fine not exceeding $10,000 or imprisonment for a period not exceeding 2 years.