.04 Eligibility and Requirements for Loans.

A. A loan under the Program may be made to:

(1) Eligible local jurisdictions;

(2) Eligible nonprofit organizations; and

(3) Eligible businesses.

B. A borrower for a loan under the Program shall:

(1) Have the legal capacity and all necessary legal authority to incur the obligations of a loan under the Program;

(2) Provide a complete application to the Administration before the expiration of any applicable deadlines;

(3) If the borrower is a business entity, be in good standing with the State Department of Assessments and Taxation and be:

(a) Incorporated in the State; or

(b) Registered to do business in the State;

(4) Pay any fees required by the Administration; and

(5) Meet any other requirement deemed appropriate by the Administration.