General. The Department may approve an entity to originate and administer financial assistance in accordance with this chapter. To be eligible to administer a financial assistance program, the entity shall submit an application to the Department and meet the following minimum criteria to the satisfaction of the Department: Provide evidence satisfactory to the Department supporting the entity’s demonstrated ability to: Manage a performing portfolio of business loans; Evaluate applications for financial assistance, underwrite loans, and administer financial assistance programs; Leverage Program proceeds with other private or public sources of funding; Comply with Program statutes, regulations, guidelines, and policies; Provide adequate resources and staff to implement the Program, including staff trained to efficiently: Process loan applications, draw schedules, and other loan documentation; Evaluate loan portfolio performance; and Monitor the work performed with the Program proceeds; Provide substantive technical assistance to recipients of financial assistance; Obtain coverage by a fidelity bond or employee dishonesty liability insurance as determined by the Department; and Be duly organized and in good standing in the State of Maryland; and Provide audited financial statements that demonstrate the entity’s ability to maintain consistent: Revenues; Operating reserves; Net assets; Unrestricted assets; and Portfolio delinquency rates. An approved entity shall execute and comply with the terms of an administration agreement, loan agreement, loan note, assignment, and other documents governing the duties of the entity under the Program, as required by the Department. An approved entity shall be directly responsible for fulfilling all of its duties and responsibilities under the Program and may not assign its responsibilities without the prior written consent of the Department. The Department may monitor an approved entity’s administration of loans funded by the Department, and may enforce its remedies under the Program loan documents, including revoking the entity’s approval to administer a loan program under this chapter. Other Requirements. An approved entity shall; Maintain financial records of Program proceeds for at least 5 years, and shall make them available for review by the Department at all reasonable times; and Provide the Department with periodic reporting on: Loan disbursements to loan borrowers; and Other information required by the Department. Upon notice to an approved entity, and during normal business hours, the Department may inspect the files of an approved entity relating to any loans originated under the Program. To fund financial assistance under this regulation the Department may: Directly fund the financial assistance that is originated by an approved entity; Provide financial assistance to an approved entity for the purpose of the approved entity making the financial assistance to another entity; Purchase or commit to purchase from approved entities any form of financial assistance that meets the requirements of this chapter; and Enter into agreements with approved entities to collectively lend money on a project that meets the requirements of this chapter.