An applicant shall meet the following minimum requirements to be an eligible borrower for loans made under the Program: Be in good standing and qualified to do business in Maryland; Be a small business; Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program; and Not be a government entity, including without limitation a local housing authority. A borrower shall meet the following minimum requirements: The borrower shall be authorized to conduct business in the State as: A corporation, A limited liability company, A partnership, A joint venture, A sole proprietorship, A cooperative, or Another form of business entity; The borrower shall be a for-profit or nonprofit small business; and The borrower may not be: An executive officer, a director, or a principal shareholder of the lender, A member of the immediate family of a person described in §B(3)(a) of this regulation, or An entity controlled by a person described in §B(3)(a) or (b) of this regulation.