Section 5-542 - Financial assistance - Application procedures. - Maryland Statutes

§ 5-542. Financial assistance - Application procedures.
 

(a)  In general.- To apply for financial assistance from the Fund, a financial institution shall submit to the Authority an application on the form that the Authority provides. 

(b)  Contents.- The application shall include: 

(1) a detailed description of the proposed use of the loan proceeds, including projected cash flow analyses, marketing plans, and appraisals; 

(2) a detailed description of the funds available to the applicant; 

(3) a detailed description of the proposed loan documents to be executed by the financial institution and the applicant; 

(4) a detailed description of the property proposed as collateral for the loan and the financial institution's certification of the property's value; 

(5) information that demonstrates the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels; 

(6) information that demonstrates the financial status of the applicant, including: 

(i) a current balance sheet; 

(ii) a profit and loss statement; and 

(iii) credit references; 

(7) a proposed disbursement schedule; 

(8) a proposed amortization schedule; 

(9) a detailed description of the applicant's experience in the trade or business for which the loan and guarantee are requested; 

(10) information that shows that the applicant satisfies the requirements of § 5-541 of this subtitle; and 

(11) any other relevant information that the Authority requests. 

(c)  Reports.- The Authority may require an applicant to provide an audit report and balance sheet certified by an independent certified public accountant in accordance with generally accepted accounting principles before the Authority approves or denies the application. 
 

[An. Code 1957, art. 83A, § 5-1030; 2008, ch. 306, § 2.]