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Ch. 98 2000 LAWS OF MARYLAND
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[(b)] (C) Local jurisdictions may designate one or more eligible neighborhoods
with the concurrence of the Secretary of the Department, taking into consideration
the following factors:
(1) The availability, cost, and condition of business facilities;
(2) The age and number of abandoned structures;
(3) The age and number of substandard structures;
(4) The income of residents relative to State or regional median incomes,
including the number of persons who are welfare recipients or unemployed;
(5) The extent of unemployment and the availability in the area of jobs
for residents of the designated neighborhood;
(6) The need for financing for small businesses in order to upgrade the
social and economic conditions of the designated neighborhood;
(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
(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.
4-204.
(a) Financial assistance under the BUSINESS DEVELOPMENT Program may be
provided to a small business in any of the following forms:
(1) Grant;
(2) Loan;
(3) Reduction in the principal obligation of or rate of interest payable on
a loan or portion of a loan;
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(4) Prepayment of interest on a subordinate or superior loan or portion of
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a loan;
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(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 an applicant, which may be a for profit
or nonprofit small business.
(d) To qualify for financial assistance, the application must demonstrate that:
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- 702 -
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