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.