3816

LAWS OF MARYLAND

Ch. 734

(ii) Has an identifiable physical handicap
that severely limits the ability of the applicant to obtain
financial assistance, but does not limit the ability of the
applicant to perform the government contract; or

(iii) Has any other social or economic
impediment that is beyond the personal control of the
applicant, such as lack of formal education or financial
capacity or geographical or regional economic distress but
that does not limit the ability of the applicant to perform
the government contract.

(c)  If the applicant is other than a sole
proprietorship, at least 70 percent of the business
enterprise shall be owned by individuals who meet the
qualifications for applicants under subsection (b) of this
section.

(d)  In addition to the other requirements of this
section, an applicant for a guarantee of a loan shall have
applied for and been denied a loan BY A FINANCIAL
INSTITUTION.

13-232.

(a)  To apply for financial assistance FROM THE GENERAL
FUND PURSUANT TO §§ 13-227 THROUGH 13-230 OF THIS SUBTITLE,
an applicant shall submit to the Authority an application on
the form that the Authority requires.

(b)  The application shall include:

(1)  A detailed description of the government
project;

(2)  An itemization of known and estimated costs;

(3)  The total amount of investment required to
perform the government contract;

(4)  The funds available to the applicant without
financial assistance from the Authority;

(5)  The amount of financial assistance sought
from the Authority;

(6) Information that relates to the inability of
the applicant to obtain adequate financing on reasonable
terms through normal lending channels;

(7) Information that relates to the financial
status of the applicant, including:

(i) A current balance sheet;