Disbursement of Proceeds

Section 5410 Section 5410.390  Disbursement of Proceeds Upon approval of an Application for a Grant and execution of a Grant Agreement, and subject to the provisions of this Program, fifty percent (50%) of the funds to be provided by the Authority to the Applicant shall be immediately disbursed.  The remaining fifty percent (50%) of the funds to be provided by the Authority shall be disbursed upon receipt of evidence that the employees who participated in the Training Program have been retained and are employed by the Applicant 90 days after completion of the Training Program.  Upon approval of an Application for a Loan and execution of a Loan Agreement the funds to be provided by the Authority shall be immediately disbursed to the Applicant.