Following the final date for submission of applications, the department shall provide timely written notification of awards to applicants. The feasibility study funds will be disbursed according to a schedule of payments to be negotiated at the time of contract.

The department shall provide written notification to the applicant and, if applicable, the financing institution offering the loan, of the department's approval of the applicant's application and of the type and amount of approved program assistance. Such approval may be conditioned upon the financing institution making the loan to the applicant within a time period specified by the department.