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Martin O'Malley, Governor
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Ch. 635
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(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 does not limit the ability
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- 4021 -
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