§ 10-148. Program requirements.

(a)

Eligibility of banks to participate. To qualify for participation in the Program a bank shall be:

(1)

Headquartered or operate one (1) or more branches in Prince George's County;

(2)

Have assets between Two Hundred Million ($200 Million) and Five Billion ($5 Billion); and

(3)

Be in good financial standing with a VERIBANC rating of Green* or better.

(b)

The County shall have the ability to waive the requirements of Subsection (a)(2) of this Section upon good cause shown by a bank seeking to participate in the Program.

(c)

Participating banks shall agree to make and maintain small business loans in an aggregate amount equal to at least two hundred percent (200%) of the deposits placed in the bank by the County under the Program. Eligible loans shall be to businesses located within Prince George's County and shall be originated within twelve (12) calendar months after the County has made the deposit with the participating bank under the Program. The requirement to make eligible loans under the Program shall apply to the initial deposit by the County and any renewal of that deposit. If the loans have not been made within the twelve (12) calendar month time period, if good cause is shown, the County may extend the twelve (12) calendar month time period for origination of the loans as defined by the regulations promulgated by the Director of Finance.

(d)

Borrowers under the Program shall be a small business concern as defined pursuant to Section 3 of the Small Business Act and United States Small Business Administration regulations implementing it at 13 CFR Part 12.1, which are located in Prince George's County.

(e)

Interest rates and fees charged for loans under the Program shall be at normal and customary levels.

(CB-28-2013)