§ 5–2203
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-2203 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 22. Maryland New Start Microloan Program
§ 5–2203LinkCopy Citation
(a)
To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.
(b)
(1)
On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11–606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.
(2)
The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.
(3)
The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation.
(c)
A loan issued under this section may not exceed $50,000.
(d)
(1)
Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.
(2)
The loan may not require the provision of any collateral.