Borrowers shall meet the following requirements, which shall be met jointly and separately if there is more than one applicant: Be an owner as defined in these regulations; If an individual, be a resident of or have a principal place of business in the State, or, if a business entity, be in good standing and be qualified to do business in Maryland; Have been denied a loan, in a comparable amount to that requested from the Program, by a private lending institution currently making similar loans, or else have received a commitment from a private lending institution for less than the amount of funds required to finance the necessary health and safety improvements; Submit a plan; and Have the legal capacity or, if applicable, all necessary legal and corporate authorization to incur the obligations of the loan. If title to the migratory labor camp property to be improved is held by more than one individual, partnership, corporation, or business entity in any form of joint tenancy, each person having an interest in the property shall be deemed to be an applicant for purposes of these regulations. If the applicant for a loan is a business entity, personal guarantees will be required from the principals of the business in accordance with Regulation .06G of this chapter. An applicant may not receive more than $200,000 in total loans from the Program. This limitation shall apply both jointly and separately if there is more than one applicant.