Section 5-2103 - Issuance of loans(a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.(b)(1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11-606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.(2) The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.(3) The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation.(c) A loan issued under this section may not exceed $50,000.(d)(1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.(2) The loan may not require the provision of any collateral.Added by 2022 Md. Laws, Ch. 485, Sec. 1, eff. 7/1/2022, exp. 7/1/2029.