(a) Definitions. As used in this Section:
Adverse impact means a loss of revenue resulting from a redevelopment project.
Director means the Director of the Department of Finance.
Enterprise zone means an area designated under Maryland Code, Economic Development Article, Section 5-704 or any successor provision.
Fund means the Economic Development Fund established in Section 20-73.
Program means the Small Business Assistance Program.
Redevelopment project means any construction, alteration, or improvement in an urban renewal area or enterprise zone where the existing land use is commercial or industrial and is:
(1) located on property owned by the County; or
(2) financed in whole or part by the County.
Small business means a privately owned business that meets the requirements of Section 11B-65(a).
Technical assistance means training directly related to operating a small business provided by an educational institution or a non-profit organization approved by the Director.
Urban renewal area means an area of the County as defined in Section 56-9(f).
(b) Establishment of Program. Subject to appropriation, the Director must create and administer a Small Business Assistance Program to assist small businesses who are adversely impacted by a redevelopment project.
(c) Eligibility. The Director, based upon information submitted by the applicant for assistance, must find that:
(1) the applicant is the owner of an existing small business located near an ongoing or future redevelopment project that is planned to begin construction in less than 12 months after the application;
(2) the applicant’s small business is currently or is likely to be adversely impacted by the redevelopment project; and
(3) the applicant’s small business is financially healthy and likely to continue operating for the foreseeable future.
(d) Conditions. The Director may impose reasonable conditions on a small business, including the successful completion of approved technical assistance training, in order to receive financial assistance from the Fund under the Program.
(e) Financial assistance. The Director may award a grant or loan from the Fund to an eligible small business under the Program.
(f) Regulations. The Executive must adopt method 2 regulations to implement this Section. The regulations must:
(1) require the Director to compile and maintain a list of approved technical training courses on the appropriate website;
(2) specify the application procedures and eligibility criteria for a grant or loan to a small business under the Program;
(3) specify conditions that the Director may impose on a small business in order to receive financial assistance from the Fund under the Program;
(4) define what constitutes an adverse impact on a small business;
(5) define what constitutes financial health of a small business; and
(6) identify outreach methods and marketing strategies to inform local small businesses of the program.
(g) Reports. On or before March 31 of each year, the Executive must report to the Council on the activities of the Program. The report must include:
(1) the number of small businesses participating in the Program;
(2) the number and dollar amount of grants and loans made; and
(3) an evaluation of the impact of each grant or loan on the operation of the small business. (2012 L.M.C., ch. 6, § 1; 2015 L.M.C., ch. 36, § 1.)
Editor’s note—2015 L.M.C., ch. 36, § 8 also states, in part: All other provisions of this Act take effect 180 days after the Montgomery County Economic Development Corporation is designated under Section 30B-2.