§4–223.    IN EFFECT

    (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, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George’s 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.

    (c)    Financial assistance for a business project may be provided as:

        (1)    a loan;

        (2)    a reduction in the principal obligation of or interest rate on a loan or portion of a loan;

        (3)    a prepayment of interest on a subordinate or superior loan or portion of a loan;

        (4)    an assurance;

        (5)    a guarantee or other form of credit enhancement; or

        (6)    a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration.

§4–223.    ** TAKES EFFECT JULY 1, 2026 PER CHAPTER 380 OF 2022 **

    (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, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George’s 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.

    (c)    Financial assistance for a business project may be provided as:

        (1)    a loan;

        (2)    a reduction in the principal obligation of or interest rate on a loan or portion of a loan;

        (3)    a prepayment of interest on a subordinate or superior loan or portion of a loan;

        (4)    an assurance; or

        (5)    a guarantee or other form of credit enhancement.