Section 5-344 - Application required. - Maryland Statutes

§ 5-344. Application required.
 

(a)  In general.- An applicant for a child care special loan shall submit to the Department an application that contains the information that the Department requires. 

(b)  Contents.- The application shall include: 

(1) a detailed description of the proposed or existing child care facility; 

(2) an itemization of known and estimated costs; 

(3) the total amount of money required to expand or improve child care services at the child care facility; 

(4) the money available to the applicant without a child care special loan from the Department; 

(5) the amount of money sought from the Department; 

(6) evidence of the inability of the applicant to obtain the financing necessary for the child care facility on affordable terms through normal lending channels; 

(7) information that relates to the financial status of the applicant, including, if applicable: 

(i) a current balance sheet; 

(ii) a profit and loss statement; and 

(iii) credit references; and 

(8) a lease, option to buy, deed, or evidence that the applicant is legally entitled to remain at the child care facility for at least the term of the loan. 

(c)  Agreement to operate facility for term of loan.- The applicant for a child care special loan shall agree to: 

(1) operate the child care facility for at least the term of the child care special loan; and 

(2) repay the outstanding child care special loan in full on the loss of license, termination of lease, or transfer, sale, or refinancing of the child care facility, as applicable, before the end of the term of the child care special loan. 
 

[An. Code 1957, art. 83A, § 5-1409(f), (k)(1); 2008, ch. 306, § 2.]