reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part IV - Small Business Development Guaranty Fund › Section 5-541 - Financial Assistance -- Qualifications of Applicants

(a)    If the applicant is a sole proprietor, to qualify for financial assistance under this part the applicant shall satisfy the Authority that:
(1)    the applicant is of good moral character;
(2)    the applicant has a reputation for financial responsibility, as determined from creditors, employers, and other individuals who have personal knowledge of the applicant;
(3)    the applicant is a resident of the State or the principal place of business of the applicant is in the State; and
(4)    the applicant is unable to obtain adequate business financing on reasonable terms through normal lending channels because the applicant:
(i)    belongs to a group that historically has been deprived of access to normal economic or financial resources because of race, color, creed, sex, religion, or national origin;
(ii)    has an identifiable physical handicap that severely limits the ability of the applicant to obtain financial assistance, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance;
(iii)    has any other social or economic impediment that is beyond the control of the applicant, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance, including:
1.    the lack of formal education or financial capacity; or
2.    geographical or regional economic distress; or
(iv)    does not meet the established credit criteria of at least one financial institution.
(b)    If the applicant is not a sole proprietorship, to qualify for financial assistance under this part at least 70% of the business enterprise shall be owned by individuals who meet the qualifications for an individual applicant under subsection (a) of this section.
(c)    An applicant for a loan guaranty shall have applied for and been denied a loan by a financial institution.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part IV - Small Business Development Guaranty Fund › Section 5-542 - Financial Assistance -- Application Procedures

(a)    To apply for financial assistance from the Fund, a financial institution shall submit to the Authority an application on the form that the Authority provides.
(b)    The application shall include:
(1)    a detailed description of the proposed use of the loan proceeds, including projected cash flow analyses, marketing plans, and appraisals;
(2)    a detailed description of the funds available to the applicant;
(3)    a detailed description of the proposed loan documents to be executed by the financial institution and the applicant;
(4)    a detailed description of the property proposed as collateral for the loan and the financial institution’s certification of the property’s value;
(5)    information that demonstrates the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels;
(6)    information that demonstrates the financial status of the applicant, including:
(i)    a current balance sheet;
(ii)    a profit and loss statement; and
(iii)    credit references;
(7)    a proposed disbursement schedule;
(8)    a proposed amortization schedule;
(9)    a detailed description of the applicant’s experience in the trade or business for which the loan and guarantee are requested;
(10)    information that shows that the applicant satisfies the requirements of § 5-541 of this subtitle; and
(11)    any other relevant information that the Authority requests.
(c)    The Authority may require an applicant to provide an audit report and balance sheet certified by an independent certified public accountant in accordance with generally accepted accounting principles before the Authority approves or denies the application.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part IV - Small Business Development Guaranty Fund › Section 5-544 - Annual Report

The Treasurer shall report each year to the Authority on:
(1)    the status of the money invested under § 5-537 of this subtitle;
(2)    the market value of the assets in the Fund as of the date of the report; and
(3)    the interest received from investments during the period covered by the report.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part IV - Small Business Development Guaranty Fund › Section 5-545 - Prohibited Acts; Penalty

(a)    A person may not knowingly make or cause to be made a false statement or report in an application or document submitted to the Authority under this part.
(b)    A person may not knowingly make or cause to be made a false statement or report to influence an action of the Authority under this part:
(1)    on an application for financial assistance; or
(2)    affecting financial assistance whether or not the assistance has already been extended.
(c)    A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 5 years or a fine not exceeding $50,000 or both.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part IV - Small Business Development Guaranty Fund › Section 5-546 - Violation of Loan Documents; Noncompliance With Part

If an applicant or financial institution violates any provision of the loan documents or ceases to meet the requirements of this part, on reasonable notice to the applicant or financial institution, the Authority may:
(1)    withhold from the applicant further loan payments until the applicant complies with the documents or requirements;
(2)    withhold from the financial institution further interest subsidy payments until the financial institution complies with the loan documents or requirements; and
(3)    exercise any other remedy for which the loan documents provide.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-549 - Definitions

(a)    In this part the following words have the meanings indicated.
(b)    (1)    “Enterprise” means a business entity proposing to carry on a business in the State that meets the requirements of § 5–526 of this subtitle.
(2)    “Enterprise” includes:
(i)    a sole proprietorship;
(ii)    a partnership;
(iii)    a limited partnership;
(iv)    a corporation; or
(v)    a joint venture.
(c)    “Equity participation financing” includes investment or guaranty of investment in an enterprise.
(d)    “Existing business” means a business whose board of directors or owners approve the sale of the business to an enterprise receiving equity participation financing.
(e)    “Fund” means the Equity Participation Investment Program Fund.
(f)    “Program” means the Equity Participation Investment Program.
(g)    “Qualified security” means:
(1)    a note, bond, debenture, or other evidence of indebtedness;
(2)    stock or other form of equity participation;
(3)    a certificate of interest or participation in a profit–sharing agreement;
(4)    an investment contract;
(5)    a certificate of deposit for a security;
(6)    a certificate of interest or participation in a patent or patent application or in royalty or other payments under a patent or patent application; or
(7)    an interest or instrument commonly known as a “security” or a certificate for, receipt for, guaranty of, or option, warrant, or right to subscribe to or purchase a qualified security.
(h)    “Small business” means a business that is classified as a small business under the U.S. Small Business Administration size standards.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-550 - Legislative Findings; Purposes

(a)    The General Assembly finds that:
(1)    small businesses have proven to be a fast growing and reliable form of successful business expansion and successful new business creation;
(2)    small businesses play a major role in the economy of the State and have been a continuing source of increasing tax revenues and job opportunities;
(3)    the growth of small businesses should be encouraged and should be an integral part of the State’s economic development effort;
(4)    socially or economically disadvantaged individuals often lack adequate capital and are unable to obtain financing from financial institutions or venture capital firms to begin and develop a small business, or to purchase an existing business; and
(5)    promoting the creation and viability of small businesses and the purchase of existing businesses by socially or economically disadvantaged individuals is in the public interest.
(b)    The purposes of the Equity Participation Investment Program are to:
(1)    encourage and help socially or economically disadvantaged individuals to create and develop small businesses and acquire existing businesses in the State; and
(2)    assist small businesses that, because they do not meet the established credit criteria of financial institutions, cannot obtain adequate business financing on reasonable terms through normal financing channels.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-553 - Powers

The Authority may:
(1)    provide equity participation financing to help socially or economically disadvantaged individuals in the State create and develop small businesses and acquire existing businesses;
(2)    buy, hold, and sell qualified securities;
(3)    prepare, publish, and distribute technical studies, reports, and other materials with or without charge; and
(4)    provide and pay for advisory services and technical assistance that are necessary or desirable to carry out the Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-555 - Fund -- in General

(a)    The Authority shall administer the Fund.
(b)    (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 Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(c)    The Fund consists of:
(1)    money drawn from the Small Business Development Guaranty Fund established under Part IV of this subtitle;
(2)    money the State appropriates to the Fund;
(3)    money made available to the Fund through federal programs or private contributions;
(4)    proceeds from the sale, disposition, lease, or rental by the Authority of collateral related to equity participation financing;
(5)    premiums, fees, royalties, and repayments of principal, interest, and investments paid by and on behalf of enterprises to the Authority under the terms of equity participation financing; and
(6)    any other money made available under the Program.
(d)    The Authority shall use the Fund to:
(1)    purchase qualified securities that an enterprise issues to provide equity participation financing as the Program allows;
(2)    provide guaranties of investments to expand the capital resources of enterprises;
(3)    purchase advisory services and technical assistance consistent with the Program;
(4)    purchase securities in which a fiduciary of the State may lawfully invest;
(5)    provide equity participation financing as the Program allows; and
(6)    pay for administrative, legal, and actuarial services that relate to the Program.
(e)    The Fund shall be self–sustaining and shall achieve investment returns on its portfolio in the form of:
(1)    royalties from enterprises in amounts to be determined by the Authority; and
(2)    interest payments from any debt securities.
(f)    As needed for the Program, the Authority may withdraw from time to time up to a total of $2,000,000 from the Small Business Development Guaranty Fund and deposit the withdrawal into the Fund.
(g)    (1)    The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)    Any investment earnings of the Fund shall be paid into the Fund.
(h)    In accordance with § 2.5–109 of this article, the Authority shall submit a report on the Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-556 - Application for Financing

(a)    The Authority may provide equity participation financing under the Program only after the enterprise submits an application that contains a business plan that meets the requirements of subsection (b) of this section.
(b)    The business plan of an enterprise shall include:
(1)    a description of the small business or existing business and its management, product, and market;
(2)    a statement of the amount, immediacy of need, and projected use of the capital required;
(3)    a statement of the potential economic impact of the purchase;
(4)    information that relates to the satisfaction of the applicant’s requirements of § 5–557(d) and (e) of this subtitle; and
(5)    any other information the Authority requires.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part V - Equity Participation Investment Program › Section 5-559 - Conversion of Coronavirus Pandemic Financing

(a)    This section applies to financing provided under the Program during fiscal years 2021 and 2022 for the purpose of relieving the adverse effects of the coronavirus pandemic.
(b)    The Authority may convert to a grant up to $50,000 of the financing described under subsection (a) of this section that is provided to a small business.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-561 - Definitions

(a)    In this part the following words have the meanings indicated.
(b)    “Fund” means the Small Business Surety Bond Fund.
(c)    “Principal” means a small business entity that has assets, income, or employees that do not exceed limits that the Authority sets by regulation.
(d)    “Program” means the Small Business Surety Bond Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-563 - Status; Investments

(a)    (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 Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(b)    (1)    The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)    Any investment earnings of the Fund shall be credited to the Fund.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-564 - Composition

The Fund consists of:
(1)    money the State appropriates to the Fund;
(2)    premiums, fees, and any other amounts the Authority receives with respect to bonding assistance it provides;
(3)    proceeds the Authority designates from the sale, lease, or other disposition of property or contracts the Authority holds or acquires; and
(4)    any other money available under the Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-565 - Uses

The Fund shall be used:
(1)    for the purposes described in the Program; and
(2)    to pay expenses of the Authority in administering the Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-566 - Powers of Authority -- in General

In administering the Program, the Authority may:
(1)    use the services of other governmental units;
(2)    contract for and accept loans and grants from the federal government, the State government, or a local government and their units; and
(3)    on the terms and conditions it considers advisable:
(i)    acquire, manage, operate, dispose of, or otherwise deal with property;
(ii)    take assignments of rentals and leases; and
(iii)    make contracts, leases, agreements, and arrangements that are necessary or incidental to the performance of its duties.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-567 - Powers of Authority -- Program

The Authority may:
(1)    prescribe or approve the form of and terms and conditions in applications, guaranty agreements, or any other documents entered into by the Authority, principals, or sureties under the Program;
(2)    acquire or take assignments of documents executed, obtained, or delivered in connection with any assistance the Authority provides under the Program;
(3)    set and collect premiums, fees, charges, costs, and expenses in connection with any assistance the Authority provides under the Program;
(4)    adopt regulations to carry out the Program; and
(5)    do anything necessary or convenient to carry out its powers and the purposes of the Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-568 - Surety -- Authority as Guarantor

(a)    The Authority may guarantee a surety up to the lesser of 90% or $2,250,000 of its loss under a bid bond, payment bond, or performance bond on a contract financed by the federal government, a state government, a local government, a private entity, or a utility that the Public Service Commission regulates.
(b)    The term of a guaranty under this part may not exceed the contract term, including:
(1)    the maintenance or warranty period required by the contract; and
(2)    the period during which the surety may be liable for latent defects.
(c)    The Authority may vary the terms and conditions of a guaranty based on:
(1)    the Authority’s history of experience with a surety; and
(2)    any other factor the Authority considers relevant.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-569 - Surety -- Authority as Surety

(a)    The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.
(b)    (1)    This subsection does not apply if the sources of funding for the bonds are grants.
(2)    The bonds may not exceed $2,500,000 each.
(c)    Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-570 - Economic Impact of Contract

(a)    The Authority may only approve a guaranty or a bond under this part if the Authority determines that the contract, for which a bond is sought to be guaranteed or issued, will have a substantial economic impact.
(b)    To determine the economic impact of a contract, the Authority may consider:
(1)    the amount of the guaranty obligation;
(2)    the terms of the bond to be guaranteed;
(3)    the number of new jobs that the contract to be bonded will create; and
(4)    any other factor that the Authority considers relevant.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-571 - Surety Bonding Line Authorized

The Authority may establish a surety bonding line to issue or guarantee multiple bonds to a principal within preapproved terms, conditions, and limitations.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-572 - Qualifications of Principal; Bond Requirements

(a)    To qualify for financial assistance under this part the principal shall satisfy the Authority that the principal:
(1)    is of good moral character or is owned by individuals of good moral character;
(2)    as determined from creditors, employers, and other individuals who have personal knowledge, is an individual with a reputation for financial responsibility or is owned by individuals, a majority of whom have a reputation for financial responsibility;
(3)    is a resident of the State or the principal place of business of the applicant is in the State; and
(4)    is unable to obtain adequate bonding on reasonable terms through normal channels.
(b)    To qualify for financial assistance under this part the principal shall certify to the Authority, and the Authority shall be satisfied, that:
(1)    a bond is required to bid on a contract or to serve as prime contractor or subcontractor;
(2)    a bond cannot be obtained on reasonable terms and conditions without assistance from the Program; and
(3)    the principal will not subcontract more than 75% of the monetary value of the contract.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-573 - Application

(a)    To apply for financial assistance from the Program under this part, a principal and, if applicable, a surety shall submit to the Authority an application on the form that the Authority provides.
(b)    The application shall include:
(1)    a detailed description of the project;
(2)    an itemization of known and estimated costs;
(3)    the total investment required to perform the contract;
(4)    the working capital available to the principal;
(5)    the bonding assistance sought;
(6)    information that demonstrates the inability of the principal to obtain adequate bonding on reasonable terms and conditions through normal channels without assistance from the Program;
(7)    a current balance sheet, a profit and loss statement, and credit references about the financial status of the principal;
(8)    a schedule of the status of existing and pending contracts; and
(9)    any other relevant information the Authority requests.
(c)    The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.
(d)    The Authority may not approve a guaranty or bond under this part for a principal that has defaulted on a loan or guaranty from the Authority unless:
(1)    2 years have passed since the time of the default; and
(2)    the principal has cured any default in any financing program administered by the Department.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-574 - Premiums and Fees

(a)    In its sole discretion, the Authority may set:
(1)    the premiums and fees for providing bonding assistance under the Program; and
(2)    the terms and conditions when the premiums and fees are payable.
(b)    The premiums and fees may vary in amount among transactions and at different stages of a transaction.
(c)    A determination by the Authority on premiums and fees remains effective for as long as the bonding assistance provided by the Authority is in effect.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 5 - Maryland Small Business Development Financing Authority › Part VI - Small Business Surety Bond Program › Section 5-575 - Prohibited Acts; Penalty

(a)    A person may not knowingly make or cause to be made a false statement or report in an application or document submitted to the Authority under this part.
(b)    A person may not knowingly make or cause to be made a false statement or report to influence an action of the Authority under this part:
(1)    on an application for assistance; or
(2)    affecting bonding assistance whether or not the assistance has been extended.
(c)    A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 6 months or a fine not exceeding $1,000 or both.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-701 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
(c)    “Business entity” means a person that operates or conducts a trade or business.
(d)    “Enterprise zone” means an area:
(1)    that meets the requirements of § 5-704(a) of this subtitle and is designated as an enterprise zone by the Secretary under § 5-704(b) of this subtitle;
(2)    designated as an enterprise zone by the United States government under 42 U.S.C. §§ 11501 through 11505; or
(3)    designated as an empowerment zone or enterprise community by the United States government under 26 U.S.C. §§ 1391 through 1397F.
(e)    “Focus area” means an area that meets the requirements of § 5-706 of this subtitle and is designated as a focus area by the Secretary under § 5-706 of this subtitle.
(f)    “Political subdivision” means a county or municipal corporation.
(g)    “Submission date” means April 15 or October 15.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-702 - Scope of Subtitle

(a)    The purpose of the enterprise zones authorized under this subtitle is to attract, retain, and encourage commercial development in economically distressed areas of the State, in partnership with political subdivisions, by incentivizing capital investment and job creation through real property and income tax credits.
(b)    Subject to § 9–103 of the Tax – Property Article, a business entity that owns, operates, develops, constructs, or rehabilitates property intended for use primarily as single or multifamily residential property located in an enterprise zone may not benefit from an incentive or initiative under this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-703 - Enterprise Zones -- Application

(a)    The following political subdivisions may apply to the Secretary to designate an enterprise zone:
(1)    a political subdivision for an area within that political subdivision;
(2)    with the prior consent of the municipal corporation, a county on behalf of a municipal corporation for an area in the municipal corporation; or
(3)    two or more political subdivisions jointly for an area astride their common boundaries.
(b)    The application shall:
(1)    be in the form and manner and contain the information that the Secretary requires by regulation;
(2)    contain sufficient information to allow the Secretary to determine if the proposed enterprise zone meets the criteria in § 5-704 of this subtitle;
(3)    be submitted for a political subdivision by its chief elected officer, or if none, its governing body;
(4)    state whether the political subdivision has examined the feasibility of creating educational or training opportunities for employers and employees of business entities located or to be located in the proposed enterprise zone; and
(5)    state the standards established by the political subdivision that a business entity shall meet before receiving the incentives and initiatives under § 5-707 of this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-705 - Enterprise Zones -- Expansion

(a)    (1)    A political subdivision may apply to the Secretary to expand an existing enterprise zone in the same manner as the political subdivision would apply to designate a new enterprise zone.
(2)    The Secretary may grant an expansion of an enterprise zone into an area that meets the requirements of § 5–704 of this subtitle.
(3)    For purposes of § 5–704(b) of this subtitle, an expansion of an enterprise zone that does not exceed 25% of the existing geographic area of the enterprise zone does not count towards the limit on the number of enterprise zones that:
(i)    the Secretary may designate in a calendar year; or
(ii)    a county may receive in a calendar year.
(b)    (1)    The Secretary may grant one extraordinary expansion of an enterprise zone in the State each calendar year for an area that:
(i)    meets the requirements of § 5–704 of this subtitle; and
(ii)    in the determination of the Secretary, has suffered a significant loss of economic base or merits inclusion in an enterprise zone for a compelling economic reason.
(2)    For purposes of § 5–704(b) of this subtitle, an extraordinary expansion of an enterprise zone does not count towards the limit on the number of enterprise zones that:
(i)    the Secretary may designate in a calendar year; or
(ii)    a county may receive in a calendar year.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-706 - Focus Area

(a)    A political subdivision may request the Secretary to designate all or part of an enterprise zone as a focus area for the lesser of:
(1)    5 years; or
(2)    the remainder of the 10-year term of the applicable enterprise zone.
(b)    The request may be made on or before a submission date when the political subdivision applies for the designation of a new enterprise zone or after the Secretary has designated an enterprise zone.
(c)    The Secretary may grant the request if the area is located in an enterprise zone and meets at least three of the following criteria:
(1)    the average unemployment rate in the area, or within a reasonable proximity to the area but in the same county, for the most recent 18-month period for which data are available is at least 150% of the greater of the average rate of unemployment in either the State or the United States during that same period;
(2)    the population in the area, or within a reasonable proximity to the area but in the same county, has an incidence of poverty that is at least 150% of the national average;
(3)    the crime rate in the area, or within a reasonable proximity to the area but in the same county, is at least 150% of the crime rate in the political subdivision where the area is located;
(4)    the percentage of substandard housing in the area, or within a reasonable proximity to the area but in the same county, is at least 200% of the percentage of housing units in the State that are substandard, according to data from the United States Bureau of the Census or other State or federal government data the Secretary considers appropriate; or
(5)    at least 20% of the square footage of commercial property in the area, or within a reasonable proximity to the area but within the same county, is vacant, according to data from the United States Bureau of the Census or other State or federal government data the Secretary considers appropriate.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 7 - Enterprise Zones › Section 5-708 - Effect of Federal Law

(a)    An area that is designated an enterprize zone, empowerment zone, or enterprise community under federal law shall automatically be designated as an enterprise zone notwithstanding the limit on the number of enterprise zones that the Secretary may designate under § 5-704(b) of this subtitle.
(b)    An application by a political subdivision and the designation by the Secretary of an area as an enterprise zone constitutes the State approval that may be required to designate an area as an enterprise zone under federal law.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 8 - Foreign Trade Zones › Section 5-801 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    (1)    “Private corporation” means a Maryland corporation organized to establish, operate, and maintain a foreign trade zone under the federal Foreign Trade Zones Act.
(2)    “Private corporation” does not include a public corporation.
(c)    “Public corporation” means:
(1)    the State;
(2)    a subdivision of the State; or
(3)    an incorporated public authority, commission, agency, or other corporate instrumentality of:
(i)    the State;
(ii)    a subdivision or municipal corporation of the State; or
(iii)    the State and another state.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 8 - Foreign Trade Zones › Section 5-802 - Establishment

(a)    Except as provided in subsection (b) of this section, a public corporation or a private corporation may apply to establish, operate, and maintain a foreign trade zone in accordance with the federal Foreign Trade Zones Act.
(b)    A private corporation may not apply to establish, operate, and maintain a foreign trade zone without prior approval from the Governor and the Maryland Port Administration.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 8 - Foreign Trade Zones › Section 5-804 - Application for Designation Approval

A person that wishes to have a site in the State designated as a foreign trade zone shall apply for designation approval to the foreign trade zone grantee in the State that is closest to the site before applying to another foreign trade zone grantee in the State for designation approval.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 9 - Dredged Material Disposal Alternatives Program › Section 5-901 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    (1)    “Dredged material” means material that is dredged from the Chesapeake Bay or its tributaries.
(2)    “Dredged material” includes sand, silt, sediment, shell, rock, soil, and waste matter.
(c)    “Dredged material reuse facility” means a facility that dewaters, analyzes for contaminants, dries, and processes dredged material for reuse.
(d)    “Program” means the Dredged Material Disposal Alternatives Program under this subtitle.
(e)    “Reuse” means the recycling of dredged material for use in another product, including commercial and industrial uses.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 9 - Dredged Material Disposal Alternatives Program › Section 5-903 - Purposes; Goals

(a)    The purposes of the Program are to:
(1)    designate innovative reuses of dredged material as a sustainable alternative in the management of dredged material disposal; and
(2)    provide financial assistance for the production and marketing of technologies that dewater, analyze for contaminants, dry, and process dredged material for reuse in an economically beneficial manner.
(b)    The goals of the Program are to:
(1)    implement the beneficial reuse of dredged materials as a sustainable dredged material management method;
(2)    foster markets for end-use products that use dredged material as a resource;
(3)    increase public awareness of the many valuable commercial and industrial uses of dredged material and products made using dredged material; and
(4)    facilitate the reuse of at least 500,000 cubic yards of dredged material each year.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 9 - Dredged Material Disposal Alternatives Program › Section 5-905 - Duties

The Program shall:
(1)    seek money from federal programs to administer the Program;
(2)    engage in public-private partnerships and provide financial assistance to foster the development, construction, and operation of dredged material reuse facilities in the State in an economically beneficial manner;
(3)    provide financial assistance to develop end-use markets for dredged material; and
(4)    promote the reuse of dredged material and market resulting products.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 9 - Dredged Material Disposal Alternatives Program › Section 5-907 - Program Contingent on Allocation

(a)    The Program is contingent on the allocation of money in the State budget to the Maryland Department of Transportation.
(b)    In accordance with the State budget, the Maryland Department of Transportation shall allocate money for the Program from the Transportation Trust Fund after elements of a long-term plan for managing dredged material, in accordance with §§ 5-1102(d)(2)(ii) and 5-1104.2(d) of the Environment Article:
(1)    are operational; and
(2)    provide 20 years of placement capacity.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › 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 indicated.
(b)    “Fund” means the Military Personnel and Veteran–Owned Small Business No–Interest Loan Fund established under § 5–1006 of this subtitle.
(c)    “Service–disabled veteran” means a veteran with a disability that is service–connected, as defined in 38 U.S.C. § 101(16).
(d)    (1)    “Small business employer” means an employer who employed an average of 50 or fewer employees on business days during the calendar year preceding the determination of eligibility for a loan under this subtitle.
(2)    For purposes of paragraph (1) of this subsection, all persons treated as a single employer under § 414(b), (c), (m), or (o) of the Internal Revenue Code shall be treated as a single employer under this subtitle.
(e)    “Veteran–owned small business” means a small business that is at least 51% owned by a veteran as defined in 38 U.S.C. § 101(2).
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program › Section 5-1002 - Established

(a)    Subject to the availability of funds, the Department, in consultation with the Department of Veterans Affairs, shall establish a program to provide no–interest loans under this subtitle to:
(1)    small business employers of military reservists and National Guard personnel who are called to active duty;
(2)    businesses owned by military reservists and National Guard personnel who are called to active duty;
(3)    veteran–owned small businesses; and
(4)    businesses employing a service–disabled veteran.
(b)    If the availability of funds is limited, in making loans under this subtitle, the Department, in consultation with the Department of Veterans Affairs, shall give priority to the businesses described in subsection (a)(2) and (3) of this section.
(c)    In making loans under this subtitle, the Department, in consultation with the Department of Veterans Affairs, shall take into consideration how to maximize the number of veterans, military reservists, and National Guard personnel who would benefit from loans made under this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program › Section 5-1003 - Purposes

Loans shall be made under this subtitle for the purposes of:
(1)    providing financial support to:
(i)    a business owned by a military reservist or National Guard member who is called to active duty; or
(ii)    a small business employer of a military reservist or National Guard member who is called to active duty;
(2)    making the home, motor vehicle, or place of employment of a veteran accessible to individuals with disabilities, including purchasing equipment necessary to enable a business to employ a service–disabled veteran or to enable a service–disabled veteran to operate a business; and
(3)    defraying other necessary expenses, as determined by the Department of Veterans Affairs, incurred by:
(i)    a business employing a service–disabled veteran; or
(ii)    a veteran–owned small business.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program › Section 5-1004 - Availability

(a)    A loan made under this subtitle for the purpose of providing financial support to a business owned by an individual who is called to active duty or to a small business employer of an individual who is called to active duty:
(1)    may be made at any time from the individual’s receipt of orders to report to 6 months after the end of the individual’s active duty; and
(2)    shall be subject to criteria for eligibility and priority established by the Department of Veterans Affairs, including the extent to which the individual who is called to active duty is an essential employee of the business.
(b)    A loan made under this subtitle for the purpose of making accessible to individuals with disabilities the home, motor vehicle, or place of employment of a service-disabled veteran may be made at any time.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program › Section 5-1005 - Administration

(a)    The Department shall administer the loan program authorized under this subtitle.
(b)    The Department of Veterans Affairs shall establish eligibility criteria for loans under this subtitle.