(a) In general.- Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle.
(b) Authority of Department.- The Department shall:
(1) determine whether to approve loan requests from qualified applicants for loans under this subtitle;
(2) set the terms and conditions for loans made under this subtitle; and
(3) determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels.
(c) Loan from federal source; maximum.- The maximum amount of a loan made with money from the Economic Development Administration of the United States Department of Commerce may not exceed the limit it sets by regulation.
(d) Use of proceeds.- The proceeds of a loan may be used for working capital, equipment, furnishings, fixtures, or the construction, rehabilitation, or purchase of real property for the activities that the Department approves.
(e) Repayment provisions.- The Department may authorize a flexible repayment schedule for a loan under this subtitle.
(a) In general.- Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle.
(b) Authority of Department.- The Department shall:
(1) determine whether to approve loan requests from qualified applicants for loans under this subtitle;
(2) set the terms and conditions for loans made under this subtitle; and
(3) determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels.
(c) Loan from federal source; maximum.- The maximum amount of a loan made with money from the Economic Development Administration of the United States Department of Commerce may not exceed the limit it sets by regulation.
(d) Use of proceeds.- The proceeds of a loan may be used for working capital, equipment, furnishings, fixtures, or the construction, rehabilitation, or purchase of real property for the activities that the Department approves.
(e) Repayment provisions.- The Department may authorize a flexible repayment schedule for a loan under this subtitle.
(a) In general.- Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle.
(b) Authority of Department.- The Department shall:
(1) determine whether to approve loan requests from qualified applicants for loans under this subtitle;
(2) set the terms and conditions for loans made under this subtitle; and
(3) determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels.
(c) Loan from federal source; maximum.- The maximum amount of a loan made with money from the Economic Development Administration of the United States Department of Commerce may not exceed the limit it sets by regulation.
(d) Use of proceeds.- The proceeds of a loan may be used for working capital, equipment, furnishings, fixtures, or the construction, rehabilitation, or purchase of real property for the activities that the Department approves.
(e) Repayment provisions.- The Department may authorize a flexible repayment schedule for a loan under this subtitle.
