Regulation .04 Eligibility and Requirements for Loans.

A loan under the Program may be made to:

(1)

Eligible local jurisdictions;

(2)

Eligible nonprofit organizations; and

(3)

Eligible businesses.

A borrower for a loan under the Program shall:

(1)

Have the legal capacity and all necessary legal authority to incur the obligations of a loan under the Program;

(2)

Provide a complete application to the Administration before the expiration of any applicable deadlines;

(3)

If the borrower is a business entity, be in good standing with the State Department of Assessments and Taxation and be:

(a)

Incorporated in the State; or

(b)

Registered to do business in the State;

(4)

Pay any fees required by the Administration; and

(5)

Meet any other requirement deemed appropriate by the Administration.