Section 5-332 - Use of grants; reversion to Department. - Maryland Statutes

§ 5-332. Use of grants; reversion to Department.
 

(a)  Use of grants.- A local government shall use a grant under this part: 

(1) to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or 

(2) to provide loans to small businesses. 

(b)  Reversion to Department.- The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made. 
 

[An. Code 1957, art. 83A, § 5-1407(d); 2008, ch. 306, § 2.]