§ 5-1205. Implementation; designation

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2017

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 12. Maryland Nonprofit Development Center Program (Refs & Annos)
Effective: October 1, 2017
MD Code, Economic Development, § 5-1205
§ 5-1205. Implementation; designation
Currentness
Designation required
(a) The Department shall designate at least one private nonprofit entity to receive grants from the Maryland Nonprofit Development Center Program Fund to implement the Program.
Considerations
(b) In selecting a designee, the Department shall consider and give priority to organizations that:
(1) have experience in providing the scope of assistance and services required under § 5-1203 of this subtitle to qualifying nonprofit entities in the State;
(2) demonstrate the capacity to provide the assistance and services required under § 5-1203 of this subtitle on a statewide basis; and
(3) demonstrate current expenditures that:
(i) are equal to at least three times the amount of funding received under this section; and
(ii) have been received from other sources for the provision of assistance and services of the type required under § 5-1203 of this subtitle to nonprofit entities in the State.
No-interest bridge loans
(c)(1) The Department may provide a no-interest bridge loan for operating expenses of up to $25,000 to a nonprofit entity that has received written confirmation of funding from a government grant or contract but has not yet received the funding.
(2) The Department shall establish an application process for bridge loans provided under this subsection.
(3) Before providing a bridge loan under this subsection, the Department shall receive written confirmation that the nonprofit entity has been awarded a government grant or contract but has not yet received the funding.
(4) The Department shall establish a schedule for repayment for a bridge loan that:
(i) is reasonable based on the nature and payment schedule of the government grant or contract to the nonprofit entity; and
(ii) assures repayment of the bridge loan is completed no later than the date of the final grant or contract payment to the nonprofit entity.

Credits

Added by Acts 2008, c. 313, § 1, eff. Oct. 1, 2008. Amended by Acts 2009, c. 105, § 1, eff. Oct. 1, 2009; Acts 2009, c. 106, § 1, eff. Oct. 1, 2009; Acts 2017, c. 629, § 1, eff. June 1, 2017; Acts 2017, c. 631, § 1, eff. Oct. 1, 2017.
MD Code, Economic Development, § 5-1205, MD ECON DEV § 5-1205
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.
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