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§ 5-1801. Definitions

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2021

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 18. Capital Access Program (Refs & Annos)
Effective: October 1, 2021
MD Code, Economic Development, § 5-1801
§ 5-1801. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Borrower
(b) “Borrower” means a business that:
(1) qualifies as a small business under the U.S. Small Business Administration size standards;
(2) applies to a lender for business financing; and
(3) has fewer than 50 employees.
Lender
(c) “Lender” means:
(1) a credit union, as defined in § 1-101 of the Financial Institutions Article;
(2) a financial institution, as defined in § 1-101 of the Financial Institutions Article; or
(3) a community development financial institution as defined in 12 U.S.C. § 4702(5).
Program
(d) “Program” means the Capital Access Program established under § 5-1802 of this subtitle.

Credits

Added by Acts 2021, c. 704, § 1, eff. Oct. 1, 2021.
MD Code, Economic Development, § 5-1801, MD ECON DEV § 5-1801
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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