HARRY HUGHES, Governor

2285

Article - Financial Institutions

13-201.

(h) "Working capital" means [items] FUNDS USED TO PAY FOR
THE CURRENT OPERATIONS OF A BUSINESS, INCLUDING, WITHOUT
LIMITATION, [of] supplies, materials, labor, or equipment;
"WORKING CAPITAL" DOES NOT INCLUDE FUNDS USED TO REFINANCE
EXISTING OBLIGATIONS.

13-231.

(b) If the applicant is an individual, the applicant shall
satisfy the Authority that:

(1)  The applicant is of good moral character;

(2)  As determined from creditors, employers, and
other individuals who have personal knowledge of the applicant,
the applicant has a reputation for financial responsibility;

(3)  The applicant is a citizen of the United States;
and

(4)  The applicant is unable to obtain adequate
business financing on reasonable terms through normal lending
channels because the applicant:

(i) Belongs to a group that historically has
been deprived of access to normal economic or financial resources
because of race, color, creed, sex, religion, or national origin;

(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 OTHER ACTIVITY FOR WHICH THE
APPLICANT IS WOULD BE RECEIVING FINANCIAL ASSISTANCE; 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 OR OTHER ACTIVITY FOR WHICH THE APPLICANT IS WOULD BE
RECEIVING FINANCIAL ASSISTANCE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 15, 1984.