; and (B) committed to operate under the program as of the date of submission of the application. (3) Status Not later than 90 days after the date on which the Administrator receives an application submitted under paragraph (1), the Administrator shall provide the applicant with a written report detailing the status of the application and any requirements remaining for completion of the application. (b) Selection (1) In general Not later than 180 days after the date on which the Administrator receives an application under subsection (a), the Administrator shall approve or deny the application for a license to operate under the program and notify the applicant of the determination. (2) Criteria The Administrator shall establish selection criteria to evaluate applications to operate under the program, which shall include, at a minimum— (A) the proven investment experience of the investment fund manager; (B) the proven, balanced, and positive-investment track record of a previous investment fund or the principals and fund performance analysis measured against benchmarks and peer funds; (C) the experience of the investment fund with investments relating to small manufacturers and emerging technologies related to advanced manufacturing; (D) an evaluation of the use of leverage by the investment fund managers in past deals; (E) evidence indicating a cohesive and effective team and team dynamic; (F) principals with strong reputations; (G) a record of positive realizations and exits from previous investments in the investment track record; (H) clearly articulated focus, investment thesis, investment themes, and investment instruments to be used to capitalize companies; and (I) fund structure and economics that reflect standard practices and industry norms, such as— (i) preferred returns to limited partners; (ii) general partner carried interest allocations, fees and vesting schedules; (iii) adequate fund infrastructure and supporting back office services