(1) Beginning January 1, 2012, the board of the Michigan strategic fund may designate a Michigan corporation or Michigan limited liability company as a qualified business development enterprise under this section. The commissioner shall not grant a license to an applicant for a license as a business development enterprise under this act if the applicant has not applied for and received a designation as a qualified business development enterprise from the board of the Michigan strategic fund.

    (2) An application for designation as a qualified business development enterprise shall include all of the following:

    (a) A copy of the application and supporting documentation submitted to the commissioner under section 301.

    (b) A copy of the applicant’s articles of incorporation and bylaws if the applicant is a Michigan corporation, or its articles or organization and operating agreement if the applicant is a Michigan limited liability company.

    (c) Documentation satisfactory to the board of the Michigan strategic fund that the applicant meets the net worth requirements of section 303(2)(c).

    (d) Information concerning the background and business experience of the directors, officers, managers, and controlling persons of the applicant.

    (e) A summary business plan, including at least 3 years of detailed financial projections and other relevant information.

    (f) Any other information considered relevant by the board of the Michigan strategic fund.

    (3) The board of the Michigan strategic fund shall apply the following criteria in determining whether to designate a Michigan corporation or Michigan limited liability company a qualified business development enterprise:

    (a) Whether the size and composition of the board of the applicant meets section 403.

    (b) Whether the business plan of the enterprise includes providing a public benefit acceptable to the board of the Michigan strategic fund.

    (c) Whether the applicant has demonstrated to the satisfaction of the board of the Michigan strategic fund that it will meet any transparency, reporting, and accountability requirements established by the board by rule with respect to the public policy objective or objectives of the enterprise.

    (d) Whether the directors, officers, managers, and controlling persons of the applicant have sufficient experience to demonstrate to the satisfaction of the board of the Michigan strategic fund that they have the ability to implement the proposed business plan of the enterprise.

    (4) For purposes of section 303(1)(f), the board of the Michigan strategic fund shall notify the commissioner if it designates a Michigan corporation or Michigan limited liability company a qualified business development enterprise under this section.