§ 6-305. Business Development Program - Financial assistance for small businesses.
(a) In general.-
(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) Qualifications.- An applicant may qualify for financial assistance for a project in a sustainable community if the application demonstrates that:
(1) except for a microenterprise project, the project has significant commitments for financing from other private and nonstate public sources that are sufficient to complete the project with the money from the Fund;
(2) the financial assistance from the Fund is the minimum amount necessary to make the project financially feasible;
(3) the project is ready to proceed when it receives financial assistance from the Business Development Program; and
(4) the political subdivision has adopted a resolution, or its authorized designee has delivered a letter to the Business Development Program, that expresses support for the project.
(c) Forms of financial assistance.- Financial assistance under the Business Development Program may be provided to a small business, nonprofit organization, or microenterprise as:
(1) a grant;
(2) a loan;
(3) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(4) a prepayment of interest on a subordinate or superior loan or portion of a loan;
§ 6-305. Business Development Program - Financial assistance for small businesses.
(a) In general.-
(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) Qualifications.- An applicant may qualify for financial assistance for a project in a sustainable community if the application demonstrates that:
(1) except for a microenterprise project, the project has significant commitments for financing from other private and nonstate public sources that are sufficient to complete the project with the money from the Fund;
(2) the financial assistance from the Fund is the minimum amount necessary to make the project financially feasible;
(3) the project is ready to proceed when it receives financial assistance from the Business Development Program; and
(4) the political subdivision has adopted a resolution, or its authorized designee has delivered a letter to the Business Development Program, that expresses support for the project.
(c) Forms of financial assistance.- Financial assistance under the Business Development Program may be provided to a small business, nonprofit organization, or microenterprise as:
(1) a grant;
(2) a loan;
(3) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(4) a prepayment of interest on a subordinate or superior loan or portion of a loan;
§ 6-305. Business Development Program - Financial assistance for small businesses.
(a) In general.-
(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) Qualifications.- An applicant may qualify for financial assistance for a project in a sustainable community if the application demonstrates that:
(1) except for a microenterprise project, the project has significant commitments for financing from other private and nonstate public sources that are sufficient to complete the project with the money from the Fund;
(2) the financial assistance from the Fund is the minimum amount necessary to make the project financially feasible;
(3) the project is ready to proceed when it receives financial assistance from the Business Development Program; and
(4) the political subdivision has adopted a resolution, or its authorized designee has delivered a letter to the Business Development Program, that expresses support for the project.
(c) Forms of financial assistance.- Financial assistance under the Business Development Program may be provided to a small business, nonprofit organization, or microenterprise as:
(1) a grant;
(2) a loan;
(3) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(4) a prepayment of interest on a subordinate or superior loan or portion of a loan;
