A loan is eligible under the Program if the loan: Is made by a financial institution that is eligible to participate in the Program under Regulation .04B of this chapter; Meets the financial institution's lending criteria; Has a term not exceeding 10 years; Is made to a certified minority business enterprise or a small business that will use the proceeds for a project or activity primarily located in Maryland; Has an interest rate that is lower than the interest rate the financial institution would charge for a loan for a similar purpose and term by at least: 2 percentage points; or The difference between the financial institution’s rate on a 60-month certificate of deposit and the interest rate acceptable to the Treasurer’s Office for its deposits; Does not exceed $1,000,000 when added to any other loans the borrower received under the Program; Has points or fees charged by the financial institution at closing not exceeding 1 percent of the loan amount; and Complies with all terms and conditions of this chapter. The proceeds of a Program loan may not be used: For the furtherance of sectarian religious instruction; In connection with the design, acquisition, or construction of any building used or to be used as a place of sectarian religious worship or instruction; or In connection with any program or department of divinity for any religious denomination, including but not limited to religious services, religious instruction, or other activities that have an explicitly religious purpose.