§ 5-1205

Maryland § 5-1205

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 5

Text

(a) The Department shall designate at least one private nonprofit entity to receive grants from the Maryland Nonprofit Development Center Program Fund to implement the Program.

(b) In selecting a designee, the Department shall consider and give priority to organizations that:

(1) have experience in providing the scope of assistance and services required under § 5–1203 of this subtitle to qualifying nonprofit entities in the State;

(2) demonstrate the capacity to provide the assistance and services required under § 5–1203 of this subtitle on a statewide basis; and

(3) demonstrate current expenditures that:

(i) are equal to at least three times the amount of funding received under this section; and

(ii) have been received from other sources for the provision of assistance and services of the type required under § 5–1203 of this subtitle to nonprofit entities in the State.

(c) (1) The Department may provide a no–interest bridge loan for operating expenses of up to $25,000 to a nonprofit entity that has received written confirmation of funding from a government grant or contract but has not yet received the funding.

(2) The Department shall establish an application process for bridge loans provided under this subsection.

(3) Before providing a bridge loan under this subsection, the Department shall receive written confirmation that the nonprofit entity has been awarded a government grant or contract but has not yet received the funding.

(4) The Department shall establish a schedule for repayment for a bridge loan that:

(i) is reasonable based on the nature and payment schedule of the government grant or contract to the nonprofit entity; and

(ii) assures repayment of the bridge loan is completed no later than the date of the final grant or contract payment to the nonprofit entity.