Maryland Statutes
Division I - Secretary of Commerce and Department of Commerce
Title 5 - Economic Development and Financial Assistance Programs

Section 5-404 - Marketing Plan for Maryland Industrial Development Financing Authority - (a) The Authority shall: (1) work to increase the utilization...

Part II - Maryland Industrial Development Financing Authority

Section 5-406 - Established - (a) There is a Maryland Industrial Development Financing Authority in...

Section 5-407 - Membership - (a) (1) The Authority consists of the following nine members:...

Section 5-408 - Joint Membership With Maryland Economic Development Assistance Authority; Actions - (a) The members of the Authority are also the members...

Section 5-409 - Officers - (a) (1) From among its members, the Authority shall elect...

Section 5-410 - Quorum; Meetings; Compensation - (a) (1) Five members of the Authority are a quorum....

Section 5-411 - Executive Director - (a) (1) With the approval of the Secretary, the Authority...

Section 5-412 - Staff - (a) The Authority may employ a staff in accordance with...

Section 5-413 - Powers and Duties - (a) The Authority may: (1) adopt bylaws for the conduct...

Section 5-414 - Regulations - The Authority may adopt regulations to carry out this subtitle.

Section 5-415 - Agreements - (a) The Authority may approve, or may authorize the Executive...

Section 5-416 - Effect of Finding - A finding by the Authority, including a finding as to...

Section 5-417 - Public Ethics; Rules of Construction - Even though a determination of the Authority about financial assistance...

Section 5-418 - Immunity From Personal Liability - A member of the Authority, a person executing a bond...

Section 5-419 - Reports - (a) In accordance with § 2.5–109 of this article, the...

Section 5-420 - Dissolution - If the Authority dissolves, title to its property vests in...

Part III - Industrial Development Fund

Section 5-423 - Established - There is an Industrial Development Fund.

Section 5-424 - Purpose - The Fund shall be used: (1) for the purposes described...

Section 5-425 - Composition - (a) The Fund is a continuing, nonlapsing fund that is...

Section 5-426 - Investments - (a) The Treasurer shall: (1) invest the money in the...

Section 5-427 - Additional Money - (a) The Authority shall send a written request to the...

Section 5-428 - Surplus Money - With the consent of the Secretary, the Authority may pay...

Section 5-429 - Report of Treasurer - Each year the Treasurer shall report to the Authority on...

Section 5-430 - Bond-Related Insurance - (a) If the requirements of this section are satisfied, and...

Section 5-431 - Authorized Purpose Obligation Insurance - (a) If the requirements of this section are satisfied, and...

Section 5-432 - Leverage Limitations - The portion of the aggregate principal amount of bonds and...

Part IV - Financial Assistance

Section 5-435 - Application of Other Laws - Financial assistance under this subtitle is: (1) subject to the...

Section 5-436 - Bonds - (a) The Authority may issue and sell bonds in accordance...

Section 5-437 - Authorized Purpose Obligation Not Exceeding $250,000 - (a) The Authority may authorize the Executive Director of the...

Section 5-438 - Equity Interest - In conjunction with financial assistance under this subtitle, the Authority...

Section 5-439 - Premiums and Fees - (a) The Authority may set premiums and fees for financial...

Section 5-440 - Waiver of Insurance Premiums - (a) The Authority may not charge a premium for insurance...

Section 5-441 - Continuity of Existing Authorized Purpose Obligations - (a) Insurance on bonds or authorized purpose obligations provided before...

Part V - Projects

Section 5-444 - Status of Authority - (a) (1) The Authority shall participate in financial assistance programs...

Section 5-445 - Energy Project -- in General - (a) (1) In this section the following words have the...

Section 5-446 - Energy Project -- Considerations; Promotion - (a) In awarding financial assistance under this subtitle for an...

Section 5-447 - Energy Conservation Project - A project involving a commercial building, an industrial building, or...

Section 5-448 - Solar Energy Project - (a) A project qualifies as a solar energy project if...

Part VI - Linked Deposit Program

Section 5-451 - Definitions - (a) In this part the following words have the meanings...

Section 5-452 - Established - There is a Linked Deposit Program in the Department.

Section 5-453 - Purpose - (a) The purpose of the Program is to stimulate economic...

Section 5-454 - Placement - The Authority may place a linked deposit with a lender...

Section 5-455 - Application - (a) To obtain fixed asset financing under this part, an...

Section 5-456 - Conditional Approval - (a) On conditional approval of a fixed asset financing loan...

Section 5-457 - Review - In determining whether to accept a linked deposit loan package,...

Section 5-458 - Payment Schedule - If the Authority accepts a linked deposit loan package forwarded...

Section 5-459 - Loan Commitment - On receiving linked deposit approval from the Authority, the lender...

Section 5-460 - State Not Liable - (a) A fixed asset financing loan assisted by a linked...

Part VII - Prohibited Acts; Penalties

Section 5-463 - False Statement or Report - (a) A person may not knowingly make or cause a...

Part VIII - Short Title

Section 5-466 - Short Title - This subtitle may be referred to as the Maryland Industrial...

Subtitle 5 - Maryland Small Business Development Financing Authority

Part I - General Provisions

Section 5-501 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-502 - Legislative Findings; Purposes - (a) The General Assembly finds that: (1) the inability of...

Part II - Maryland Small Business Development Financing Authority

Section 5-505 - Established - There is a Maryland Small Business Development Financing Authority in...

Section 5-506 - Membership - (a) The Authority consists of the following nine members: (1)...

Section 5-507 - Officers - (a) The Authority shall elect a chair, vice chair, and...

Section 5-508 - Quorum; Meetings; Reimbursement for Expenses; Staff - (a) (1) Four members of the Authority are a quorum....

Section 5-509 - Executive Director - (a) (1) The Executive Director is the chief administrative officer...

Section 5-510 - Conflicts of Interest - A member of the Authority may not participate in any...

Section 5-511 - Administration of Programs; Contracts; Private Corporation - (a) In this section, “Authority staff” means any of the...

Section 5-512 - Powers and Duties - (a) The Authority exercises its powers and performs its duties...

Section 5-513 - Service of Process - (a) In any action, service of process on the Authority...

Section 5-514 - Certain Receipts Payable - (a) Notwithstanding § 10–469(e) and (f) of this article or...

Part III - Small Business Development Contract Financing Fund

Section 5-517 - "Fund" Defined - In this part, “Fund” means the Small Business Development Contract...

Section 5-518 - Established - There is a Small Business Development Contract Financing Fund.

Section 5-519 - Purpose - The Authority shall use the Fund to implement this part.

Section 5-520 - Administration - The Authority shall administer the Fund.

Section 5-521 - Status; Investment; Payment - (a) The Fund is a special, nonlapsing fund that is...

Section 5-522 - Composition - The Fund consists of: (1) premiums for guaranteeing loans under...

Section 5-523 - Additional Money - (a) If the Authority and the Secretary determine that more...

Section 5-524 - Uses - The Authority may use the Fund for: (1) loan guaranties...

Section 5-525 - Financial Assistance -- Conditions - (a) (1) The Authority may use the Fund to guarantee...

Section 5-526 - Financial Assistance -- Applicants - (a) If the applicant is an individual, to qualify for...

Section 5-527 - Financial Assistance -- Application Procedures - (a) To apply for financial assistance from the Fund under...

Section 5-528 - Financial Assistance -- Terms - (a) The Authority may set the terms and conditions for...

Section 5-529 - Annual Report - The Treasurer shall report each year to the Authority on:...

Section 5-530 - Prohibited Acts -- Penalty - (a) A person may not knowingly make or cause to...

Part IV - Small Business Development Guaranty Fund

Section 5-533 - "Fund" Defined - In this part, “Fund” means the Small Business Development Guaranty...

Section 5-534 - Established - There is a Small Business Development Guaranty Fund.

Section 5-535 - Purpose - The Authority shall use the Fund to implement this part.

Section 5-536 - Administration - The Authority shall administer the Fund.

Section 5-537 - Status; Investment; Payment - (a) The Fund is a special, nonlapsing fund that is...

Section 5-538 - Composition - The Fund consists of: (1) loans and grants from the...

Section 5-539 - Uses - The Authority may use the Fund for: (1) guaranty payments...

Section 5-540 - Financial Assistance -- Conditions - (a) (1) The Authority may use the Fund to guarantee...

Section 5-541 - Financial Assistance -- Qualifications of Applicants - (a) If the applicant is a sole proprietor, to qualify...

Section 5-542 - Financial Assistance -- Application Procedures - (a) To apply for financial assistance from the Fund, a...

Section 5-543 - Financial Assistance -- Terms - A guaranty shall contain terms and conditions that the Authority...

Section 5-544 - Annual Report - The Treasurer shall report each year to the Authority on:...

Section 5-545 - Prohibited Acts; Penalty - (a) A person may not knowingly make or cause to...

Section 5-546 - Violation of Loan Documents; Noncompliance With Part - If an applicant or financial institution violates any provision of...

Part V - Equity Participation Investment Program

Section 5-549 - Definitions - (a) In this part the following words have the meanings...

Section 5-550 - Legislative Findings; Purposes - (a) The General Assembly finds that: (1) small businesses have...

Section 5-551 - Established - There is an Equity Participation Investment Program in the Department.

Section 5-552 - Administration - The Authority shall administer the Program.

Section 5-553 - Powers - The Authority may: (1) provide equity participation financing to help...

Section 5-554 - Equity Participation Investment Program Fund -- Established - There is an Equity Participation Investment Program Fund.

Section 5-555 - Fund -- in General - (a) The Authority shall administer the Fund. (b) (1) The...

Section 5-556 - Application for Financing - (a) The Authority may provide equity participation financing under the...

Section 5-557 - Requirements for Financing - (a) (1) Under the Program the Authority may not: (i)...

Section 5-558 - Limitation on Liability of State - The liability of the State and of the Authority in...

Section 5-559 - Conversion of Coronavirus Pandemic Financing - (a) This section applies to financing provided under the Program...

Part VI - Small Business Surety Bond Program

Section 5-561 - Definitions - (a) In this part the following words have the meanings...

Section 5-562 - Established - There is a Small Business Surety Bond Fund.

Section 5-563 - Status; Investments - (a) (1) The Fund is a special, nonlapsing fund that...

Section 5-564 - Composition - The Fund consists of: (1) money the State appropriates to...

Section 5-565 - Uses - The Fund shall be used: (1) for the purposes described...

Section 5-566 - Powers of Authority -- in General - In administering the Program, the Authority may: (1) use the...

Section 5-567 - Powers of Authority -- Program - The Authority may: (1) prescribe or approve the form of...

Section 5-568 - Surety -- Authority as Guarantor - (a) The Authority may guarantee a surety up to the...

Section 5-569 - Surety -- Authority as Surety - (a) The Authority may execute and perform a bid bond,...

Section 5-570 - Economic Impact of Contract - (a) The Authority may only approve a guaranty or a...

Section 5-571 - Surety Bonding Line Authorized - The Authority may establish a surety bonding line to issue...

Section 5-572 - Qualifications of Principal; Bond Requirements - (a) To qualify for financial assistance under this part the...

Section 5-573 - Application - (a) To apply for financial assistance from the Program under...

Section 5-574 - Premiums and Fees - (a) In its sole discretion, the Authority may set: (1)...

Section 5-575 - Prohibited Acts; Penalty - (a) A person may not knowingly make or cause to...

Subtitle 7 - Enterprise Zones

Section 5-701 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-702 - Scope of Subtitle - Subject to § 9-103 of the Tax - Property Article,...

Section 5-703 - Enterprise Zones -- Application - (a) The following political subdivisions may apply to the Secretary...

Section 5-704 - Enterprise Zones -- Designation - (a) (1) The Secretary may only designate an area as...

Section 5-705 - Enterprise Zones -- Expansion - (a) (1) A political subdivision may apply to the Secretary...

Section 5-706 - Focus Area - (a) A political subdivision may request the Secretary to designate...

Section 5-707 - Business Entity Incentives and Initiatives - (a) To the extent provided for in this section, a...

Section 5-708 - Effect of Federal Law - (a) An area that is designated an enterprize zone, empowerment...

Section 5-709 - Assessment; Report - (a) The Department and the Comptroller jointly shall assess each...

Subtitle 8 - Foreign Trade Zones

Section 5-801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-802 - Establishment - (a) Except as provided in subsection (b) of this section,...

Section 5-803 - Operation - A public corporation or a private corporation that establishes, operates,...

Section 5-804 - Application for Designation Approval - A person that wishes to have a site in the...

Subtitle 9 - Dredged Material Disposal Alternatives Program

Section 5-901 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-902 - Established - There is a Dredged Material Disposal Alternatives Program in the...

Section 5-903 - Purposes; Goals - (a) The purposes of the Program are to: (1) designate...

Section 5-904 - Regulations - The Department shall adopt regulations to carry out this subtitle.

Section 5-905 - Duties - The Program shall: (1) seek money from federal programs to...

Section 5-906 - Form of Assistance - Financial assistance from the Program may be in the form...

Section 5-907 - Program Contingent on Allocation - (a) The Program is contingent on the allocation of money...

Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program

Section 5-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1002 - Established - (a) Subject to the availability of funds, the Department, in...

Section 5-1003 - Purposes - Loans shall be made under this subtitle for the purposes...

Section 5-1004 - Availability - (a) A loan made under this subtitle for the purpose...

Section 5-1005 - Administration - (a) The Department shall administer the loan program authorized under...

Section 5-1006 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Fund - (a) There is a Military Personnel and Veteran–Owned Small Business...

Section 5-1007 - Regulations - (a) The Department shall adopt regulations to carry out this...

Subtitle 11 - Rural Broadband Assistance Fund

Section 5-1101 - Definitions - (a) In this subtitle the following words have the meanings...

Subtitle 12 - Maryland Nonprofit Development Center Program

Section 5-1201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1202 - Maryland Nonprofit Development Center Program - (a) There is a Maryland Nonprofit Development Center Program in...

Section 5-1203 - Program Assistance - The Program shall provide assistance to qualifying nonprofit entities, including:...

Section 5-1204 - Maryland Nonprofit Development Center Program Fund - (a) (1) (i) There is a Maryland Nonprofit Development Center...

Section 5-1205 - Implementation; Designation - (a) The Department shall designate at least one private nonprofit...

Subtitle 13 - Brac Revitalization and Incentive Zones

Section 5-1301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1302 - Application - (a) The following political subdivisions may apply to the Secretary...

Section 5-1303 - Designation -- Considerations - (a) The Secretary may only designate an area as a...

Section 5-1304 - Designation -- Procedure; Limitations - (a) (1) Within 60 days after a submission date, the...

Section 5-1305 - Expansion - (a) (1) A political subdivision may apply to the Secretary...

Section 5-1306 - Benefits - (a) Benefits are available to political subdivisions with BRAC Revitalization...

Section 5-1307 - Annual Reports - (a) On or before October 15 of each year, a...

Subtitle 14 - Regional Institution Strategic Enterprise Zone Program

Section 5-1401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1402 - Purpose - The purposes of the Regional Institution Strategic Enterprise Zone Program...

Section 5-1403 - Designation as Qualified Institution - (a) An institution may apply to the Secretary to be...

Section 5-1404 - Designation of Area as Regional Institution Strategic Enterprise (Rise) Zone - (a) On or after July 1, 2015, a qualified institution...

Section 5-1405 - Business and Community Development Concierge - (a) The Secretary shall assign to a RISE zone a...

Section 5-1406 - Tax Incentives - (a) (1) To the extent provided for in this section,...

Section 5-1407 - Rental Assistance to Business Entity -- Distribution of Matching Funds -- Deposited Funds by Applicant -- Annual Report on Rental Assistance Program -- Audit of Program -- Recapture of Misused or Undistributed Funds - (a) (1) (i) A qualified institution, a county and, if...

Section 5-1408 - Regional Institution Strategic Enterprise Fund -- Money Included -- Use of Fund -- Investments -- Expenditures - (a) There is a Regional Institution Strategic Enterprise Fund in...

Section 5-1409 - Annual Assessments and Reports - (a) The Department and the Comptroller jointly shall assess each...

Section 5-1410 - Termination of Subtitle and Tax Credits - This subtitle and the tax credits and benefits authorized under...

Subtitle 15 - Small, Minority, and Women-Owned Businesses Account

Section 5-1501 - Small, Minority, and Women-Owned Businesses Account Established - (a) There is a Small, Minority, and Women–Owned Businesses Account...

Subtitle 16 - Make Office Vacancies Extinct Program

Section 5-1601 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1602 - General Consideration - (a) There is a Make Office Vacancies Extinct Program in...

Section 5-1603 - Qualification for Program - (a) In order to qualify for participation in the Program,...

Section 5-1604 - Program Grants - (a) (1) An applicant shall submit an application for a...

Section 5-1605 - Make Office Vacancies Extinct Matching Fund - (a) There is a Make Office Vacancies Extinct Matching Fund....

Section 5-1606 - Periodic Review and Evaluation of Program - (a) At least once every 3 years, the Secretary shall...

Section 5-1607 - Regulations - The Secretary may adopt regulations to carry out this subtitle.

Subtitle 17 - Business Telework Assistance Grant Program

Section 5-1701 - Program Defined - In this subtitle, “Program” means the Business Telework Assistance Grant...

Section 5-1702 - Business Telework Assistance Grant Program -- Purpose -- Use of Grants -- Qualifying -- Annual Appropriation - (a) There is a Business Telework Assistance Grant Program in...

Subtitle 18 - Capital Access Program

Section 5-1801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1802 - Capital Access Program Established - There is a Capital Access Program in the Department.

Section 5-1803 - Purpose of Program - The purpose of the Program is to stimulate opportunities for...

Section 5-1804 - Loans Qualified Under Program - A loan qualifies under the Program if the loan: (1)...

Section 5-1805 - Enrollment of Qualifying Loan or Portion of Loan - (a) A lender shall enroll a qualifying loan in the...

Section 5-1806 - Loan Loss Reserve Account -- Payments to Account -- Withdrawal Upon Default -- Withdrawal of Lender From Program - (a) The Department shall establish a loan loss reserve account...

Section 5-1807 - Adoption of Regulations - The Department may adopt regulations to carry out this subtitle.

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Maryland Statutes Division I - Secretary of Commerce and Department of Commerce Title 5 - Economic Development and Financial Assistance Programs

Maryland Statutes
Division I - Secretary of Commerce and Department of Commerce
Title 5 - Economic Development and Financial Assistance Programs