An applicant for a loan under this subtitle shall submit to the Department an application on the form that the Department requires. The application shall include: a detailed strategic business plan; the amount of money required for the activities described in the strategic business plan; the money available to the applicant without financial assistance from the Department; the amount of financial assistance requested from the Department; information relating to the financial status of the applicant, including, if applicable: a current balance sheet; a profit and loss statement; and credit references; and any other relevant information that the Department requests.