The Board shall decide whether to approve a qualified applicant's application for funding based upon the following criteria of the proposed activity: Value to the industry; Degree of industry promotion; Size and scope of activity; Financial need; and Quality of the written presentation. The Board shall disapprove an application for any of the following reasons: The application is incomplete or does not comply with these regulations; Funds are not available; or An applicant who is subject to stable licensing under COMAR 15.16.01 fails to possess a current license upon application submission. An application disapproved due to lack of funds may be held for consideration by the Board for the next fund cycle. The Board shall notify the applicant if an application is approved or disapproved within 30 days of the completion of the application review process. If the application is approved, the applicant shall be notified of the amount of the State grant for the project.