Maryland Code, Economic Development § 5-1204

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

(a)(1)(i) There is a Maryland Nonprofit Development Center Program Fund in the Department.

(ii) 1. Within the Fund, there is a Nonprofit, Interest-Free, Micro Bridge Loan (NIMBL) Account.

2. The Account consists of:

A. money received under § 9-1A-27 of the State Government Article; and

B. any other money appropriated, transferred by budget amendment, or repaid to the Account.

3. The money in the Account may not exceed $1,000,000.

4. If the money in the Account exceeds $1,000,000, any money in excess of that amount shall be transferred to the Small, Minority, and Women-Owned Businesses Account established under § 5-1501 of this title.

(2) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.

(3) The Fund consists of:

(i) money appropriated in the State budget to the Fund;

(ii) money in the Nonprofit, Interest-Free, Micro Bridge Loan (NIMBL) Account; and

(iii) all other money accepted for the benefit of the Fund, including an additional $50 fee to be paid for the processing of articles of incorporation of a nonstock corporation in accordance with § 1-203 of the Corporations and Associations Article.

(b)(1) The purpose of the Fund is to provide grant money and bridge loans to support the operations of the Program consistent with this subtitle.

(2) As provided in the State budget, the Fund also may be used by the Department of General Services to evaluate the participation of nonprofit entities in State procurement.

(c)(1) For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $1,000,000 to the Fund to be used for loans under the NIMBL Account.

(2) If $1,000,000 is not included in the annual budget bill for fiscal year 2024, then the Governor shall include in the annual budget bill for fiscal year 2025 an appropriation of $1,000,000 to be used for loans under the NIMBL Account.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-1204 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-1204/

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