{"data":{"id":"us-md/md.-code-economic-development-5-2203","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 5–2203","heading":"","body":"// EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 //\n(a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.\n(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.\n(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.\n(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.\n(c) A loan issued under this section may not exceed $50,000.\n(d) (1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.\n(2) The loan may not require the provision of any collateral.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=5-2203","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"7d0f0c542a806d9588e3fa66cbdea1b29087f2811621d249bf006b1fcb6a6174","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-5-2202","next":"us-md/md.-code-economic-development-5-2204"},"notice":"GroundRules: Original legal text. Not legal advice."}