<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".05" citation="COMAR 14.04.03.05" title_num="14" subtitle_num="04" chapter_num="03" heading="Eligibility.">
  <paragraph num="A.">
    <text>In General. TEDCO shall be satisfied that the applicant meets the eligibility requirements set forth in COMAR 14.04.02.04.</text>
  </paragraph>
  <paragraph num="B.">
    <text>Eligibility Requirements Specific to Pre-Seed Builder Fund. In addition to the requirements set forth in COMAR 14.04.02.04, TEDCO shall be satisfied that:</text>
    <paragraph num="(1)">
      <text>At the time of TEDCO's investment, at least one owner or executive manager who has demonstrated economic disadvantage works at the applicant full-time;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>At the time of TEDCO's investment, at least 50 percent of the applicant is owned by one or more individuals who have demonstrated economic disadvantage; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>If required by TEDCO, the founders, owners, managers, or officers agree to receive executive support.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>Eligibility Requirements Specific to Inclusion Fund. In addition to the requirements set forth in COMAR 14.04.02.04 and §B(1) and (3) of this regulation, TEDCO shall be satisfied that:</text>
    <paragraph num="(1)">
      <text>At the time of TEDCO's investment, at least 30 percent of the applicant is owned by one or more individuals who have demonstrated economic disadvantage; and</text>
    </paragraph>
    <paragraph num="(2)">
      <text>For at least 1 year after the time of TEDCO's investment, the applicant is controlled and managed by one or more individuals who have demonstrated economic disadvantage.</text>
    </paragraph>
  </paragraph>
</regulation>