(a) An application fee of $250 must be paid to the corporation before final review of an application can be completed. In the event the application is withdrawn or rejected, the corporation shall promptly refund the application fee to the applicant.

(b) The corporation shall assess a fee of up to three percent of each working capital loan payable by the borrower at closing. The corporation shall assess a fee of up to one percent per annum of each loan guarantee. The corporation may allocate the administrative fee to cover project-related expenses it deems appropriate. In addition, the borrower will be obligated to pay for all out-of-pocket expenses incurred by the corporation related to working capital loans and loan guarantees.