Md. Code Regs. 14.04.10.03

Current through Register Vol. 52, No. 1, January 10, 2025

Section 14.04.10.03 - [Effective 1/20/2025] Procedures and Guidelines for Award Decisions

A. In General. In its sole discretion, TEDCO shall select eligible applicants for an award under the Equitech Growth Fund based on a written application, applicant's proposal, and TEDCO's diligence.

B. Application Process.

(1) In General. TEDCO shall make available to the public on or through its website:

(a) An application process for awards under the Equitech Growth Fund; and

(b) Deadlines, if any, to submit the applications.

(2) Required Information. Through an application, an applicant shall provide a proposal for its project with information sufficient for TEDCO to establish eligibility for an award, including:

(a) Whether the applicant meets the eligibility requirements as set forth in the Act and under Regulation .02 of this chapter;

(b) Detailed description of the proposed project including, but not limited to, current and proposed financial budgets, and the project's goals to support workforce development or infrastructure in the State;

(c) Reasonable metrics of the project's potential impact on the State's ecosystem; and

(d) Any other information required to evaluate program criteria and, if applicable, diversity and inclusion criteria under §B(5) of this regulation.

(3) Preliminary Evaluation of Eligibility. TEDCO's program staff:

(a) Shall perform an initial review of each application in accordance with the Act and Regulation .02 of this chapter; and

(b) May review the application for program criteria under §B(5) of this regulation and may examine the applicant's project proposal, budgets, metrics, and other documents.

(4) Eligibility Determination. Within 45 days from the date an applicant submits the application to TEDCO, TEDCO shall notify the applicant if TEDCO finds the applicant ineligible for an award under Regulation .02 of this chapter.

(5) Program Criteria, Diversity and Inclusion Criteria, and TEDCO's Diligence.

(a) If the applicant is eligible for an award by TEDCO, TEDCO shall consider the program criteria as set forth in §B(5)(b) of this regulation and diversity and inclusion criteria as set forth in §B(5)(c) of this regulation and shall conduct diligence as set forth in §B(5)(d) of this regulation.

(b) Program Criteria. TEDCO shall use the following criteria as the basis of a scoring rubric to evaluate eligible applicants:

(i) Whether the applicant's project is viable, sustainable, and has a high probability for success;

(ii) The degree to which the applicant's project addresses a need in the State's ecosystem;

(iii) The degree to which the applicant's project will leverage funding from private sector, federal sources, or other sources of funding;

(iv) The extent to which the applicant's project is consistent with the 10-year goals in the strategic plan developed by the Commission;

(v) The analysis of the project's metrics and potential impact on the State's ecosystem; and

(vi) Adherence to the application process.

(c) Diversity and Inclusion Criteria. TEDCO shall consider whether:

(i) The applicant's project has the potential to result in a positive economic development impact for a region or an area which is economically distressed or a rural area or a rural community; and

(ii) A founder of the applicant or a member of the applicant's executive leadership has self-identified as a member of a group that is economically disadvantaged.

(d) Diligence. TEDCO's diligence may include:

(i) Review of applicant's proposal, budgets, and metrics;

(ii) Site visits;

(iii) Validation of claims and assumptions made in the application; and

(iv) At TEDCO's sole discretion, an applicant's presentation and interview.

C. Scoring. TEDCO shall score each applicant in accordance with a uniform scoring rubric based on the program criteria and diversity and inclusion criteria.

D. Final Approval. The Chief Executive Officer, in the Chief Executive Officer's sole discretion, shall base TEDCO's final decision regarding an award to an eligible applicant on:

(1) The application;

(2) The aggregate scores from the evaluation of the program criteria and diversity and inclusion criteria under §C of this regulation;

(3) The likelihood that applicant's project will lead to economic growth through workforce development or infrastructure in the State; and

(4) The amount of money available for this program.

E. Rejected Applicants. If an applicant is rejected for an award, TEDCO shall notify the applicant in writing.

Md. Code Regs. 14.04.10.03

Regulation .03 adopted effective 52:1 Md. R. 1-46, eff. 1/20/2025.