Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT
Chapter 05.13.04 - Capital Access Program
Section 05.13.04.09 - Eligible Borrowers
Universal Citation: MD Code Reg 05.13.04.09
Current through Register Vol. 51, No. 6, March 22, 2024
A. An applicant shall meet the following minimum requirements to be an eligible borrower for loans made under the Program:
(1) Be in good standing and qualified to do business in Maryland;
(2) Be a small business;
(3) Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program; and
(4) Not be a government entity, including without limitation a local housing authority.
B. A borrower shall meet the following minimum requirements:
(1) The borrower shall be authorized to conduct business in the State as:
(a) A corporation,
(b) A limited liability company,
(c) A partnership,
(d) A joint venture,
(e) A sole proprietorship,
(f) A cooperative, or
(g) Another form of business entity;
(2) The borrower shall be a for-profit or nonprofit small business; and
(3) The borrower may not be:
(a) An executive officer, a director, or a principal shareholder of the lender,
(b) A member of the immediate family of a person described in §B(3)(a) of this regulation, or
(c) An entity controlled by a person described in §B(3)(a) or (b) of this regulation.
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