(a) Evaluation criteria. The Agency will score each guaranteed loan-only application received using the evaluation criteria specified in §4280.120, except that, in §4280.120(b)(1), the calculation will be made on the loan amount requested and not on the grant amount requested.

(b) Minimum score. The Agency will establish a minimum score that guaranteed loan-only applications must meet in order to be considered for funding in periodic competitions, as specified in §4280.139(a). The minimum score is 50 points, and may be adjusted through the publishing of a Notice in the Federal Register. Any application that does not meet the applicable minimum score is only eligible to compete in a National competition as specified in §4280.139(c)(2).

(c) Notification. The Agency will notify in writing each lender and borrower whose application does not meet the applicable minimum score.