Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT
Chapter 05.13.05 - Linked Deposit Program
Section 05.13.05.08 - Maintaining Certified Minority Business or Small Business Status
Current through Register Vol. 51, No. 6, March 22, 2024
A. A borrower that receives a Program loan shall maintain its status as a certified minority business enterprise or a small business for the term of the Program loan.
B. The Department shall notify the Treasurer's Office in writing if the borrower is decertified as a minority business enterprise or no longer meets the definition of a small business for any reason during the term of the Program loan.
C. If a borrower is decertified as a minority business enterprise or disqualified as a small business during the term of the Program loan and upon written notification:
D. A minority business enterprise that loses its certification or a small business that no longer qualifies as a small business due to revenue or employee growth may not be considered decertified for purposes of this regulation.