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Statutes Text

Article - Economic Development


    (a)    Except as provided in subsection (c) of this section, the Corporation may make grants to or provide equity investment financing for technology–based businesses, if:

        (1)    the investments are made to a qualified business;

        (2)    the investments are made on review and approval of a written application that:

            (i)    contains sufficient information to verify that the qualified business has its principal business operations in the State or will have a substantial economic impact on the State; and

            (ii)    contains a certification of the veracity of the information by an authorized signatory of the qualified business; and

        (3)    at least the number of members that constitutes a quorum of any fund or authority has been appointed under the requirements for that fund or authority.

    (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 qualified businesses 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 the consideration of whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation’s support for marketing and other efforts to raise awareness of programs to assist small, minority, and women–owned businesses.

    (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.