1. (a) Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle.

2. (b) The Department shall:

   1. (1) determine whether to approve loan requests from qualified applicants for loans under this subtitle;
   2. (2) set the terms and conditions for loans made under this subtitle; and
   3. (3) determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels.
3. (c) 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.
4. (d) 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.
5. (e) The Department may authorize a flexible repayment schedule for a loan under this subtitle.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2010, c. 14, § 1, eff. July 1, 2010.