(a) The Commission shall adopt:
(1) eligibility criteria for businesses to qualify for the program, including:
(i) the criteria for a small business qualifying under the Small Business Preference Program as established in regulations adopted by the Department of General Services under § 14–203 of the State Finance and Procurement Article;
(ii) a requirement that:
1. the business’s principal place of business be in Montgomery County or Prince George’s County; or
2. at least 25% of the total number of employees of the business be domiciled in Montgomery County or Prince George’s County; and
(iii) any other eligibility criteria that the Commission determines to be necessary or appropriate for the promotion of small businesses in the Commission’s service area; and
(2) administrative procedures for conducting the program.
(b) A business may qualify as a local small business enterprise under the program without regard to the race, ethnicity, or gender of the participants in the business.
(c) The Commission shall establish criteria for graduation from the program for a local small business that the Commission determines no longer requires the assistance or benefits offered by the program.
(d) The Commission shall review the eligibility criteria and administrative procedures of the program each year to assess their effectiveness in furthering the purposes of the program.