The Secretary may adopt regulations to carry out this subtitle. §5-2201. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // (a) In this subtitle the following words have the meanings indicated. (b) "Covered individual" has the meaning stated in § 11-606 of the Labor and Employment Article. (c) "Fund" means the Maryland New Start Microloan Program Fund. (d) "Program" means the Maryland New Start Microloan Program. §5-2202. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // (a) There is a Maryland New Start Microloan Program. (b) The purpose of the Program is to provide loans to covered individuals participating in eligible entrepreneurship development programs. (c) The Department, in consultation with the Governor's Office of Small, Minority, and Women Business Affairs, shall administer the Program. §5-2203. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // (a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals. (b) (1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under § 11- 606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business. (2) The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department. (3) The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation. (c) A loan issued under this section may not exceed $50,000. (d) (1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan. (2) The loan may not require the provision of any collateral. §5-2204. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // (a) There is a Maryland New Start Microloan Program Fund. (b) The purpose of the Fund is to provide loans to covered individuals in accordance with § 5-2203 of this subtitle. (c) The Secretary shall administer the Fund. (d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7- 302 of the State Finance and Procurement Article. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. (e) The Fund consists of: (1) money appropriated in the State budget to the Fund; (2) repayments of loans made through the Program; (3) any interest earnings of the Fund; and (4) any other money from any other source accepted for the benefit of the Fund. (f) (1) The Fund may be used only for: (i) administrative costs of the Program; and (ii) the issuance of loans under § 5-2203 of this subtitle. (2) During each fiscal year, the Department may not utilize more than 10% of the money appropriated to the Fund for administrative costs of this subtitle. (g) In each of fiscal years 2024, 2025, 2026, 2027, and 2028, the Governor shall include in the annual budget bill an appropriation of at least $300,000 to the Fund. (h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. (2) Any interest earnings of the Fund shall be credited to the Fund. (i) Expenditures from the Fund may be made only in accordance with the State budget. §5-2205. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // On or before January 1, 2029, the Department shall report to the Governor and, in accordance with § 2-1257 of the State Government Article, the General Assembly on: (1) the funds included in the State budget and appropriated for the Fund for each fiscal year during the life of the Program; (2) the implementation of the Program by the Department, including an assessment of the effectiveness of the Program; and (3) the overall performance of the Program and impacts of the Program on loan recipients. §5-2206. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 485 OF 2022 // The Department shall adopt regulations to carry out this subtitle. §5-2301. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // (a) In this subtitle the following words have the meanings indicated. (b) "Fund" means the Build Our Future Grant Fund. (c) "Program" means the Build Our Future Grant Pilot Program. §5-2302. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // (a) There is a Build Our Future Grant Pilot Program in the Department. (b) The purpose of the Program is to provide grant funding for infrastructure projects intended to support innovation in an eligible technology sector. (c) Grants may be awarded to private companies, nonprofit entities, local governments, or colleges and universities in the State. (d) The Department shall administer the Program. §5-2303. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // (a) To carry out the purpose of the Program, the Department may award grants in accordance with this subtitle to approved recipients carrying out infrastructure projects intended to support innovation in any of the following eligible technology sectors: (1) advanced manufacturing; (2) aerospace; (3) agriculture; (4) artificial intelligence; (5) biotechnology; (6) blue technology; (7) cybersecurity; (8) defense; (9) energy and sustainability; (10) life sciences; (11) quantum; and (12) sensor and robotics. (b) Examples of eligible projects include: (1) sensitive compartmented information facilities; (2) wet laboratories; (3) cyber ranges; (4) prototype manufacturing centers; and (5) other specialized workforce training, skill certification, or research-related spaces. (c) Grant awards may be used to defray the cost a grantee incurs to acquire, construct, rehabilitate, install, improve, or equip an eligible innovation infrastructure project. (d) (1) A single entity may be awarded not more than $2,000,000 in grant funds in a fiscal year. (2) (i) For a grant award up to $1,000,000, a grantee shall provide matching funds that are at least 200% of the grant amount. (ii) For a grant award exceeding $1,000,000, and up to $2,000,000, a grantee shall provide matching funds that are at least 400% of the grant amount. (iii) Funds received by a grantee through other State grant programs are not counted toward the grantee's matching funds requirement. (3) A grantee must demonstrate an ability to cover the full estimated costs of the project for which the grant is awarded. (4) (i) Not more than 50% of the appropriation to the Fund in a fiscal year may be awarded to colleges and universities in that fiscal year. (ii) Grants to colleges and universities from the Fund must be awarded to projects that: 1. are performed in collaboration with private industry; or 2. offer the prospect of significant economic impact and the opportunity to develop entrepreneurship or clusters of technological innovation in the State. §5-2304. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // A grantee may be subject to repayment of the grant in an amount determined by the Department if the grantee fails to: (1) comply with reporting requirements established by the Department; or (2) demonstrate appropriate use of grant funds. §5-2305. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // (a) There is a Build Our Future Grant Fund. (b) The Department shall administer the Fund. (c) The purpose of the Fund is to provide grants for infrastructure projects to support innovation in eligible technology sectors under this subtitle. (d) (1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. (e) The Fund consists of: (1) money appropriated in the State budget to the Fund; (2) any interest earnings of the Fund; and (3) any other money from any other source accepted for the benefit of the Fund. (f) (1) The Fund may be used to: (i) provide grants in accordance with this subtitle; and (ii) pay the administrative costs of the Program. (2) During each fiscal year, the Department may use not more than 10% of the money appropriated to the Fund to administer the Program. (g) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. (2) Any interest earnings of the Fund shall be credited to the Fund. (h) Expenditures from the Fund may be made only in accordance with the State budget. §5-2306. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // On or before July 1, 2026, the Department shall report to the Governor and, in accordance with § 2-1257 of the State Government Article, the General Assembly on the projects funded through and the economic impact of the Program. §5-2307. IN EFFECT // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 // The Secretary may adopt regulations to carry out this subtitle.
‹ 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.