Maryland Code, Economic Development § 10-1118

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Except as provided in subsection (c) of this section, the Corporation may make qualified equity investments and other financial assistance available to projects in low-income communities if the investments are made on review and approval of a written application that contains:

(1) sufficient information to verify that the project is in the State; and

(2) a certification of the veracity of the information by an authorized signatory of the applicant.

(b) In regard to any and all programs of the Corporation, except as otherwise provided in this subtitle, the Corporation shall adopt regulations to govern investments under this subsection that specify:

(1) the types of businesses and projects in which an investment may be made;

(2) the basic standards an enterprise shall meet to qualify for an investment;

(3) the amount of money available for investment;

(4) the investment policy statement of the Corporation that describes the procedures, criteria, investment philosophy, and guidelines for how the Corporation's investment decisions will be made; and

(5) a process for considering whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation's support for low-income communities.

(c) The Corporation may make investments under an agreement with the Board of Trustees for the State Retirement and Pension System under § 21-123.2 of the State Personnel and Pensions Article.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-1118 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-1118/

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