Section 5-320 - Eligibility of applicants; applications for financial assistance.
§ 5-320. Eligibility of applicants; applications for financial assistance.
(a) Eligibility of applicants.- To be eligible for financial assistance from the Fund, an applicant shall be:
(1) a local economic development fund that meets the criteria set forth in Part V of this subtitle; or
(2) an individual, private business, not-for-profit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:
(i) except as provided in subsection (b) of this section, is in an eligible industry sector under § 5-321 of this subtitle; and
(ii) has a strong potential for expanding or retaining employment opportunities in the State.
(b) Exception.- A project need not be in an eligible industry sector if the applicant:
(1) is located in a qualified distressed county; or
(2) (i) is a local government or the Corporation; and
(ii) does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.
(c) Applications for financial assistance.- 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) the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and
(2) for a qualified distressed county project:
(i) a marketing plan designed to market the project to prospective businesses;
(ii) a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and
(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.
[An. Code 1957, art. 83A, § 5-1405(d); 2008, ch. 306, § 2.]