Section 6-307 - Business Development Program - Financial assistance for project development costs. - Maryland Statutes

§ 6-307. Business Development Program - Financial assistance for project development costs.
 

(a)  In general.- Financial assistance under the Business Development Program shall be on the terms that the Department considers necessary to make the project financially feasible. 

(b)  Development costs.- Financial assistance under the Business Development Program may be used for: 

(1) a part of the development costs of a project; or 

(2) the development costs, working capital, or business expenses of a microenterprise project. 

(c)  Security.- The Department may require that financial assistance under the Business Development Program be secured by a mortgage or other security instrument, which may be subordinate to other security interests. 

(d)  Modifications.- The Department may modify the interest rate, the time or amount of payment, or any other term of a grant or loan to facilitate the successful completion or operation of a project. 

(e)  Contracts for services.- The Department may contract for services related to the Business Development Program. 
 

[An. Code 1957, art. 83B, § 4-206; 2005, ch. 26, § 2; 2010, ch. 118.]