(1) that the financial responsibility, experience, character and general fitness of the applicant are such as to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly and fairly within the purposes of this subchapter; and
(2) that the applicant has available for use in such business at the location specified in the application at least $25,000, or, in the case of the licensee, has such amount available or actually invested in loans made under this subchapter; and
(3) that allowing the applicant to engage in business will promote the convenience and advantage of the community in which the business of the applicant is to be conducted which may include as a factor reduced interest rates, the Board shall enter an order approving such application and deliver a license to the applicant. If the Banking Board shall not so find, it shall enter an order denying such application and forthwith notify the applicant of the denial, returning the license fee.