Section 6-308 - Business Development Program - Administration. - Maryland Statutes

§ 6-308. Business Development Program - Administration.
 

(a)  In general.- The Department shall: 

(1) administer the Business Development Program; 

(2) adopt regulations to carry out the Business Development Program; 

(3) establish, for each category of financing described in § 6-306(c) of this subtitle, minimum percentages or amounts of private and nonstate public financing that an applicant for the Business Development Program must secure; and 

(4) make a reasonable, good faith effort to make 25% of the Business Development Program loans and grants to microenterprises. 

(b)  Disposition of Program loans and revenues.- The Department may: 

(1) sell, assign, or otherwise dispose of a Program loan or revenue from a loan on terms and conditions acceptable to the Department, including selling loans at a discount, if the maximum sale proceeds in any fiscal year do not exceed $4,000,000; and 

(2) apply the proceeds received from a sale, assignment, or other disposition under item (1) of this subsection to the Fund. 
 

[An. Code 1957, art. 83B, § 4-205; 2005, ch. 26, § 2.]