1. Once the grant is approved by the Bank Board (as Priority I), the applicant has six months to submit all due diligence and close. After six months grant awards that have not submitted their due diligence will go into a queue of existing grants (Priority I and Priority II) that have been approved and will be funded on a "first come, first served" basis. If the grant award is at the bottom of the list and ready to close they could move to the top of the list to keep from losing budget funds.
2. Second, grant awards will be kept on the list for a year and at the end of two years if the grant applicant has not closed and submitted all due diligence, the applicant will have to resubmit an application to the Bank for funding.
3. The Board will retain the right to grant waivers to this policy from time to time if someone is eminently going to close or waiting on DHEC for a month or something of that nature. The Board can grant some leniency at the end of the two years if necessary.