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§ 4-223. Business project.

MD House & Comm Dev Code § 4-223 (2019) (N/A)
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(a)    A project qualifies as a business project if the project is:

(1)    located in:

(i)    an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article; or

(ii)    a qualified opportunity zone designated under § 1400Z–1 of the Internal Revenue Code in Allegany County, Garrett County, Somerset County, or Wicomico County; and

(2)    (i)    acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or

(ii)    eligible for funding from the Neighborhood Business Development Fund under § 6–310 of this article.

(b)    Repayment of principal and interest for a business project may be secured by:

(1)    real property;

(2)    personal property;

(3)    bank accounts;

(4)    certificates of deposit, stocks, and bonds;

(5)    credit enhancement, assurance, or guaranty; or

(6)    any other collateral acceptable to the Administration.

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