(a) In this subtitle the following words have the meanings indicated. (b) (1) “Development costs” means the costs incurred to develop, redevelop, or expand a neighborhood business development project. (2) “Development costs” includes the costs of: (i) necessary studies, surveys, plans, and specifications; (ii) architectural, engineering, or other special services, including flood plain studies, environmental audits, and critical area or wetland […]
A business qualifies as a small business or a microenterprise if the number of its employees and the amount of its annual receipts do not exceed limits that the Department sets by regulation for a small business or a microenterprise.
(a) There is a Neighborhood Business Development Program. (b) The purposes of the Program are: (1) in priority funding areas or eligible opportunity zones, to: (i) help develop, redevelop, or expand small businesses and microenterprises; (ii) stimulate investment by the private sector; (iii) invest in revitalization projects for small businesses and microenterprises; and (iv) stimulate political subdivisions to participate in developing and […]
(a) There is a Business Development Program in the Neighborhood Business Development Program. (b) The Business Development Program shall provide financial assistance to projects in priority funding areas or eligible opportunity zones.
(a) (1) A small business, nonprofit organization, or microenterprise may apply for financial assistance under the Business Development Program. (2) The Department shall review each application. (b) An applicant may qualify for financial assistance for a project in a priority funding area or an eligible opportunity zone if the application demonstrates that: (1) the financial assistance from the Fund is […]
(a) Financial assistance under the Business Development Program shall be on the terms that the Department considers necessary to make the project financially feasible. (b) Financial assistance under the Business Development Program may be used for: (1) a part of the development costs of a project; (2) the development costs, working capital, or business expenses of a microenterprise project; […]
(a) The Department shall: (1) administer the Business Development Program; (2) adopt regulations to carry out the Business Development Program, including a process to designate an area as a food desert under subsection (c) of this section; and (3) make a reasonable, good faith effort to make 25% of the Business Development Program loans and grants to microenterprises. (b) The […]
(a) If the Department determines that an entity is capable of administering financial assistance under the Program, the entity may originate and administer financial assistance in accordance with standards the Department adopts by regulation. (b) (1) The Department shall adopt regulations to establish standards for determining the eligibility of an entity to administer financial assistance under the Program. […]
(a) There is an Interagency Food Desert Advisory Committee. (b) The Committee consists of the following seven members: (1) the Secretary, or the Secretary’s designee; (2) the Secretary of Agriculture, or the Secretary’s designee; (3) the Secretary of Planning, or the Secretary’s designee; (4) the Secretary of Health, or the Secretary’s designee; (5) the Secretary of Human Services, or the Secretary’s designee; […]
(a) If the Department determines that an entity is capable of administering a food desert project, the entity may originate and administer financial assistance to a food desert project in accordance with standards the Department adopts by regulation. (b) The Department may: (1) pay an approved entity a reasonable origination, application, and processing fee for each food desert […]
(a) On or before December 1 of each year, the Department shall submit a report on the Program, in accordance with § 2–1257 of the State Government Article, to the Senate Budget and Taxation Committee, the Senate Education, Health, and Environmental Affairs Committee, the House Appropriations Committee, and the House Environment and Transportation Committee. (b) The report […]
(a) There is a Capital Access Program in the Neighborhood Business Development Program. (b) The purposes of the Capital Access Program are to: (1) stimulate private sector lending to small businesses throughout the State; and (2) encourage private lenders to provide for a reserve of money as additional security for private sector loans made under this section. (c) The Department […]
(a) There is a Neighborhood Business Development Fund. (b) The Department shall use the Fund to: (1) operate and pay expenses of the Program; and (2) provide financial assistance to small businesses, nonprofit organizations, and microenterprises. (c) (1) The Department shall administer the Fund. (2) The State Treasurer shall hold and the Comptroller shall account for the Fund. (d) The Fund is a […]
(a) (1) A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Department by an agreement relating to financial assistance under the Program. (2) An applicant for financial assistance under the Program may not knowingly make or cause to be made any false […]
