1. (a) To be eligible for financial assistance from the Fund, an applicant shall be:

   1. (1) a local economic development fund that meets the criteria set forth in Part V of this subtitle; or

   2. (2) an individual, private business, nonprofit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:

      1. (i) except as provided in subsection (b) of this section, is in an eligible industry sector under § 5-321 of this subtitle; and
      2. (ii) has a strong potential for expanding or retaining employment opportunities in the State.

2. (b) A project need not be in an eligible industry sector if the applicant:

   1. (1) is located in a Tier I county; or

   2. (2)

      1. (i) is a local government or the Corporation; and
      2. (ii) does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.

3. (c) In form and content acceptable to the Department, an applicant for financial assistance from the Fund shall submit to the Department an application that contains:

   1. (1) the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and

   2. (2) for a Tier I county project:

      1. (i) a marketing plan designed to market the project to prospective businesses;
      2. (ii) a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and
      3. (iii) a plan for the project that is consistent with the county's local strategic economic development plan as to the location and type of project.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2017, c. 631, § 1, eff. Oct. 1, 2017; Acts 2019, c. 82, § 1, eff. July 1, 2019; Acts 2026, c. 351, § 3, eff. July 1, 2026; Acts 2026, c. 352, § 3, eff. July 1, 2026, eff. July 1, 2026.