Md. Code Regs. 24.05.18.03

Current through Register Vol. 51, No. 22, November 1, 2024

Section 24.05.18.03 - Eligible Applicants

To qualify for a loan, an applicant shall:

A. Be a new or existing business entity in good standing and qualified to do business in Maryland;

B. Have the legal capacity and all necessary legal authorization to incur the obligations of the loan;

C. Demonstrate creditworthiness and repayment capability acceptable to the Department;

D. Meet any additional requirements imposed by any source of the funds to be loaned; and

E. In the reasonable determination of the Department, be unable to obtain the financing necessary for the activities described in the applicant's strategic business plan on affordable terms through normal lending channels.

Md. Code Regs. 24.05.18.03