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Maryland Code, Economic Development § 5-1006

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

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

(b) The purpose of the Fund is to provide no-interest loans consistent with this subtitle.

(c) The Secretary shall administer the Fund.

(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.

(3) Any investment earnings of the Fund shall be credited to the Fund.

(e) The Fund consists of:

(1) money the State appropriates to the Fund;

(2) money made available to the Fund through federal programs or private contributions;

(3) repayments from loans provided by the Department under this subtitle;

(4) proceeds from the sale, disposition, lease, or rental of collateral related to loans provided by the Department under this subtitle; and

(5) any other money made available to the Fund.

(f) The Department may use money in the Fund to provide loans to eligible applicants under §§ 5-1002 through 5-1004 of this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-1006 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-1006/

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