Md. Code Regs. 24.05.07.06

Current through Register Vol. 51, No. 22, November 1, 2024

Section 24.05.07.06 - Applications for Financial Assistance

A. To apply for financial assistance under the Program, an applicant shall submit to the Authority an application that includes:

(1) A detailed description of the project;

(2) An itemization of known and estimated costs, to include cash flow projections with underlying assumptions on the contract;

(3) The total amount of investment required to perform the contract;

(4) The funds available to the applicant without financial assistance from the Authority;

(5) The amount of financial assistance sought from the Authority;

(6) Information that relates to the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels;

(7) Information that relates to the financial status of the applicant, including:

(a) A balance sheet dated within 90 days of the application,

(b) A profit and loss statement dated within 90 days of the application,

(c) Credit references, and

(d) Detailed information on the status of outstanding indebtedness including copies of notes, security agreements, and other evidence of obligations;

(8) Information on available collateral;

(9) A copy of the applicant's articles of incorporation (filed with the state of incorporation), bylaws, partnership agreement, or other organizational documents;

(10) A copy of the deeds to all real property offered as collateral; and

(11) Other relevant information the Authority requests.

B. If an applicant is unable to provide the application information required by §A(1)-(3) of this regulation, the application shall nevertheless be deemed fully completed if the applicant:

(1) Provides the information required in §A(4)-(11) of this regulation in the application;

(2) Agrees that before disbursement of any funds for a project, the applicant shall submit to the Director the information required in §A(1)-(3) of this regulation; and

(3) Requests the Authority to delegate to the Director the review and approval of the information required in §A(1)-(3) of this regulation.

Md. Code Regs. 24.05.07.06

Regulation .06 amended effective April 16, 1990 (17:7 Md. R. 853)