Section 219 - Application procedure1. The commissioner of economic development shall establish procedures and other requirements for participation in the program, and shall provide a simplified application form to the participating lenders for linked deposits. Such form shall reflect the qualifying information required by this article for eligible businesses and shall contain a statement by the applicant that inability to obtain the reduced interest rate provided by the program would impede the ability of the applicant to undertake the eligible project. Upon completion of any application for a linked deposit, the lender shall send the application, together with the interest rate certification required pursuant to section two hundred eighteen of this article, to the commissioner of economic development who shall either approve or reject the application within twenty-eight days. The commissioner of economic development shall evaluate each application based upon the following criteria: (a) the significance of the eligible project for improving the competitive position and profitability of the eligible business;(b) the materiality of a reduced cost of borrowing through a linked loan to the ability of the eligible business to undertake the eligible project;(c) the number of jobs likely to be created or retained, or other substantial economic benefits likely to be achieved as a result of the linked loan; and(d) such other criteria as the commissioner of economic development determines relevant.2. If the deposit application is approved by the commissioner of economic development, the commissioner shall notify an authorized depositor that the commissioner has determined that the application satisfies the requirements of this article, and the commissioner shall request the authorized depositor to deposit funds with the lender in accordance with section ninety-eight-a of this chapter and with the authorized depositor's established procedures. Such deposits shall be secured in accordance with the provisions of section one hundred five of this chapter, and lenders receiving such deposits shall satisfy, in the sole judgment of the authorized depositor, all collateral and other requirements generally applied by the authorized depositor to funds invested by it. The notified authorized depositor and the lender shall enter into a written deposit agreement. In no event shall any defect in any such agreement be asserted as a defense by a borrower on a linked loan made pursuant to the program.N.Y. State Fin. Law § 219