- (a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.
(b)
- (1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11-606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.
- (2) The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.
- (3) The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation.
- (c) A loan issued under this section may not exceed $50,000.
(d)
- (1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.
- (2) The loan may not require the provision of any collateral.
Added by Acts 2022, c. 485, § 1, eff. July 1, 2022.