(a) An eligible applicant's documentation shall include the following for the board's review:
(1) the plan, as submitted to the lender, for the applicant's proposed farm or ranch operation or agriculture-related business to be financed that includes a budget for the proposed operation;
(2) a completed application for a loan from a commercial lender on which an eligible applicant has indicated how the loan proceeds will be used to implement the applicant's plan; and
(3) the signed statement of a loan officer of the commercial lender that a loan guarantee is requested for approval of the loan application.
(b) The board may charge a reasonable application fee for processing an application filed under this section.