§5–2203. IN EFFECT
// EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 //
(a)To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.
(b)(1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11–606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.
(2)The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.
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§5–2203. IN EFFECT
// EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 //
(a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.
(b) (1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11–606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.
(2) The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.
(3) The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation.
(c) A loan issued under this section may not exceed $50,000.
(d) (1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.
(2) The loan may not require the provision of any collateral.