Maryland § 5-541
Full text of Maryland Maryland Code § 5-541, with citation guidance and answers to common questions.
§ 5-541.
(a) If the applicant is a sole proprietor, to qualify for financial assistance under this part the applicant shall satisfy the Authority that:
(1) the applicant is of good moral character;
(2) the applicant has a reputation for financial responsibility, as determined from creditors, employers, and other individuals who have personal knowledge of the applicant;
(3) the applicant is a resident of the State or the principal place of business of the applicant is in the State; and
(4) the applicant is unable to obtain adequate business financing on reasonable terms through normal lending channels because the applicant:
(i) belongs to a group that historically has been deprived of access to normal economic or financial resources because of race, color, creed, sex, religion, or national origin;
(ii) has an identifiable physical handicap that severely limits the ability of the applicant to obtain financial assistance, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance;
(iii) has any other social or economic impediment that is beyond the control of the applicant, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance, including:
1. the lack of formal education or financial capacity; or
2. geographical or regional economic distress; or
(iv) does not meet the established credit criteria of at least one financial institution.
(b) If the applicant is not a sole proprietorship, to qualify for financial assistance under this part at least 70% of the business enterprise shall be owned by individuals who meet the qualifications for an individual applicant under subsection (a) of this section.
(c) An applicant for a loan guaranty shall have applied for and been denied a loan by a financial institution.
Frequently Asked Questions About Maryland § 5-541
What does Maryland Code § 5-541 cover?
Section 5-541 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 5-541?
A common citation format is "Maryland Code § 5-541" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-541 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.