§ 5-332. Use of grants; reversion to Department

MD Econ Dev Code § 5-332 (2019) (N/A)
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(a)    A local government shall use a grant under this part:

(1)    to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or

(2)    to provide loans to small businesses.

(b)    The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made.