§ 5-206. Terms and conditions for loans and grants

West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2010

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 2. Maryland Economic Adjustment Fund (Refs & Annos)
Effective: July 1, 2010
MD Code, Economic Development, § 5-206
§ 5-206. Terms and conditions for loans and grants
Currentness
Authority of Department
(a) Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle.
Approval and terms and conditions for loans
(b) The Department shall:
(1) determine whether to approve loan requests from qualified applicants for loans under this subtitle;
(2) set the terms and conditions for loans made under this subtitle; and
(3) determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels.
Loan from Department of Commerce
(c) The maximum amount of a loan made with money from the Economic Development Administration of the United States Department of Commerce may not exceed the limit it sets by regulation.
Use of proceeds
(d) The proceeds of a loan may be used for working capital, equipment, furnishings, fixtures, or the construction, rehabilitation, or purchase of real property for the activities that the Department approves.
Repayment provisions
(e) The Department may authorize a flexible repayment schedule for a loan under this subtitle.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2010, c. 14, § 1, eff. July 1, 2010.
MD Code, Economic Development, § 5-206, MD ECON DEV § 5-206
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document