PARRIS N. GLENDENING, Governor                             Ch. 570

(d)     When applying to the Authority to acquire an existing business, an enterprise
[shall have the following minimum qualifications:

(1)     The enterprise or its principals shall have a:

(I) A minimum net worth of at least $75,000 pledged as security; and

(II) AT LEAST $75.000 IN EQUITY INVESTMENT: OR

(III) A COMBINATION OF A MINIMUM NET WORTH PLEDGED AS
SECURITY AND AN EQUITY INVESTMENT. TOTALING AT LEAST $75,000; AND

(2)     The enterprise] or its principals shall have had 3 or more years of
successful experience with demonstrated achievements and management responsibilities.

(e)     When being acquired, the existing business shall meet the following minimum
qualifications:

(1)     The existing business shall have been in existence for at least 5 years;

(2)     The existing business shall have been profitable for at least 2 of the
previous 3 years;

(3)     The existing business shall have sufficient cash flow to service the debt
and ensure adequate return of the Authority's investment;

(4)     The existing business shall have the capacity for growth and job creation;

(5)     The existing business shall have its principal place of business in
Maryland; and

(6)     The existing business shall have a strong customer base.

(F) IF THE APPLICANT ENTERPRISE 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 RESIDENT OF MARYLAND OR THE APPLICANT'S
PRINCIPAL PLACE OF BUSINESS IS IN MARYLAND; 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

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