Md. Code Regs. 14.04.03.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.04.03.05 - Eligibility

A. In General. TEDCO shall be satisfied that the applicant meets the eligibility requirements set forth in COMAR 14.04.02.04.

B. Eligibility Requirements Specific to Pre-Seed Builder Fund. In addition to the requirements set forth in COMAR 14.04.02.04, TEDCO shall be satisfied that:

(1) At the time of TEDCO's investment, at least one owner or executive manager who has demonstrated economic disadvantage works at the applicant full-time;

(2) At the time of TEDCO's investment, at least 50 percent of the applicant is owned by one or more individuals who have demonstrated economic disadvantage; and

(3) If required by TEDCO, the founders, owners, managers, or officers agree to receive executive support.

C. Eligibility Requirements Specific to Inclusion Fund. In addition to the requirements set forth in COMAR 14.04.02.04 and §B(1) and (3) of this regulation, TEDCO shall be satisfied that:

(1) At the time of TEDCO's investment, at least 30 percent of the applicant is owned by one or more individuals who have demonstrated economic disadvantage; and

(2) For at least 1 year after the time of TEDCO's investment, the applicant is controlled and managed by one or more individuals who have demonstrated economic disadvantage.

Md. Code Regs. 14.04.03.05

Regulation .05 adopted effective 46:26 Md. R. 1167, eff. 12/30/2019; amended effective 49:4 Md. R. 302, eff. 2/21/2022