PARRIS N. GLENDENING, Governor

Ch. 115

(6) (7) THE NEIGHBORHOOD DEVELOPMENT OR REDEVELOPMENT
STRATEGY OF THE LOCAL JURISDICTION FOR THE DESIGNATED NEIGHBORHOOD
AND ANY PLANS AND FINANCIAL COMMITMENT OF THE LOCAL JURISDICTION TO
UNDERTAKE IMPROVEMENTS IN THE DESIGNATED NEIGHBORHOOD; AND

(7) (8) OTHER STANDARDS AND CRITERIA DEEMED RELEVANT BY
THE DEPARTMENT AS SET FORTH IN REGULATIONS, INCLUDING STANDARDS
ESTABLISHED FOR OTHER RELEVANT STATE OR FEDERAL PROGRAMS.

(C) IN EACH FISCAL YEAR A LOCAL JURISDICTION MAY DESIGNATE OR
REDESIGNATE UP TO FOUR ELIGIBLE NEIGHBORHOODS, IN ACCORDANCE WITH
SUBSECTION (B) OF THIS SECTION, FOR PARTICIPATION IN THE PROGRAM THE
TOTAL NUMBER OF DESIGNATED NEIGHBORHOODS IN A LOCAL JURISDICTION MAY
NOT EXCEED FOUR AT ANY GIVEN TIME.

2-1304.

(A)     FINANCIAL ASSISTANCE UNDER THE PROGRAM MAY BE PROVIDED TO A
SMALL BUSINESS IN ANY OF THE FOLLOWING FORMS:

(1)      GRANT (INCLUDING RECOVERABLE GRANTS);

(2)      LOAN (INCLUDING DEFERRED AND FORGIVABLE LOAMS);

(3)      REDUCTION IN THE PRINCIPAL OBLIGATION OF OR RATE OF
INTEREST PAYABLE ON A LOAN OR PORTION OF A LOAN;

(4)      PREPAYMENT OF INTEREST ON A SUBORDINATE OR SUPERIOR
LOAN OR PORTION OF A LOAN;

(5)      ASSURANCE;

(6)      GUARANTEE; OR

(7)      ANY OTHER FORM OF CREDIT ENHANCEMENT.

(B)     THE DEPARTMENT SHALL REVIEW ALL APPLICATIONS FOR FINANCIAL
ASSISTANCE.

(C)     APPLICATIONS SHALL BE SUBMITTED BY A SPONSOR AN APPLICANT
WHICH MAY BE A FOR PROFIT OR NONPROFIT SMALL BUSINESS.

(D)     TO QUALIFY FOR FINANCIAL ASSISTANCE, A SPONSOR'S THE
APPLICATION MUST DEMONSTRATE THAT:

(1)      THE PROJECT HAS SUFFICIENT BINDING SIGNIFICANT

COMMITMENTS FOR FUNDING FROM OTHER PRIVATE AND NONSTATE PUBLIC
SOURCES THAT ARE SUFFICIENT TO COMPLETE THE PROJECT WITH THE FUNDS
FROM THE NEIGHBORHOOD BUSINESS DEVELOPMENT PROGRAM;

(2)      THE FINANCIAL ASSISTANCE FROM THE NEIGHBORHOOD BUSINESS
DEVELOPMENT FUND IS THE LEAST AMOUNT NECESSARY TO MAKE THE PROJECT
FINANCIALLY FEASIBLE;

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