5.—(1) The Scottish Ministers may approve (in whole or in part) or may reject an application and in determining whether an application should be so approved or rejected, they shall have regard to–
(a)the total amount of grant monies available, in relation to the Highland and Islands and Lowlands areas respectively, for payment;
(b)whether the investment or project is eligible for grant in accordance with regulation 3;
(c)the extent to which the application–
(i)meets the criteria set out in Schedule 2 to these Regulations; and
(ii)in relation to an investment or project in the Lowlands area of a non-capital nature, meets the additional criteria set out in Schedule 3 to these Regulations;
(d)the level of grant which is either necessary or appropriate to enable the investment or project to proceed;
(e)the value for money which the investment or project represents having regard to paragraph (c) above and the level of grant likely to be required and how that value compares with other applications; and
(f)the benefits of such an investment or project to small or medium-sized businesses.
(2) Approval of an application may be made subject to such conditions as the Scottish Ministers think fit (including without prejudice to that generality conditions as to the manner and date of completion of the investment or project).
(3) Where the Scottish Ministers approve an application (in whole or in part) they shall determine the approved expenditure and the amount of grant payable to the applicant.
(4) The Scottish Ministers shall notify the applicant of their decision in such manner as they consider appropriate after the application has been determined and, where the application is approved, shall notify the applicant of any conditions imposed and of the matters referred to in paragraph (3) above.
(5) The Scottish Ministers may vary an approval of an application (including any conditions subject to which it was given) or of the matters referred to in paragraph (3) above at the request of, or with the consent of, the applicant.