(a) (1) On or before October 1 of each year, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2-1257 of the State Government Article, the General Assembly. (2) The report required under this subsection shall include: (i) a complete operating and financial statement covering the Corporation's operations; (ii) a summary of the Corporation's activities during the preceding fiscal year; (iii) information on all salaries and any incentives approved by the Board for Corporation employees; (iv) information on outreach, training, mentorship, support, and investment in minority and women-owned qualified businesses, including support for marketing by the Maryland Small Business Development Financing Authority; (v) information on entities that have current investments and entities that received funding or investments in the current year on the: 1. principal business operations; 2. number of employees in the State and the number of employees outside the State; 3. capital or other investments made in the State; and 4. proposed and actual job creation or capital investment in the State as a result of the investment or support; (vi) a list of businesses that have received funding that would no longer qualify as a qualified business; and (vii) information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee. (b) (1) On or before October 1 each year, beginning in 2023, and every 6 months thereafter, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2-1257 of the State Government Article, the Joint Audit and Evaluation Committee and the General Assembly. (2) The report required under this subsection shall include a list of the qualified businesses or other businesses receiving support through programs administered by the Corporation, including those receiving investments made under § 21-123.2 of the State Personnel and Pensions Article. (3) The list of qualified businesses or other businesses receiving support shall include for each business: (i) the number of employees in the State; (ii) the number of employees outside the State; (iii) the capital or other investments made in the State; and (iv) proposed job creation or capital investment in the State as a result of the investment or support. (c) (1) On or before October 1, 2024, and each October 1 thereafter, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2-1257 of the State Government Article, the General Assembly on the following information from the immediately preceding fiscal year: (i) the number of applications the Corporation received; (ii) the amount of investment funding that was available at the beginning of the fiscal year; (iii) the amount of investment funding that was available at the end of the fiscal year; (iv) the amount of investment funding that was requested; (v) the number of applicants the Corporation invested in; and (vi) the amount of investment funding the Commission awarded. (2) The information reported in accordance with paragraph (1) of this subsection shall: (i) specify which applications and investments were from social impact funds, seed funds, and the Maryland Venture Fund; and (ii) if available, provide information that has been de- identified and disaggregated on applicants and qualified business founders by race, ethnicity, age, gender, disability status, veteran status, and geographic location and the degree to which applicants and founders identify with more than one demographic category.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.