# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 4. Maryland Technology Development Corporation

#### Section 10-470

(a) The Corporation may require that all or part of a grant be repaid, with interest at a rate the Corporation sets, when conditions specified by the Corporation occur.

(b)

  (1) Whenever the Corporation is authorized by law to make a grant, the Corporation may use money appropriated for the grant to make an equity investment in a qualified business.

  (2)

    (i) Except as provided in subparagraph (ii) of this paragraph and Subtitle 4A of this title, in making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation may not acquire an ownership interest in an enterprise that exceeds 25%.

    (ii) In making an equity investment under this subtitle or Subtitle 4A of this title in one or more venture or private equity firms, the Corporation may acquire an ownership interest exceeding 25%.

  (3) Within 15 years after making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation, on review and approval of the Corporation's investment committee, may divest itself of that investment or pursue another remedy that is in the Corporation's best interest.

  (4) The liability of the State and the Corporation in making an equity investment under this subtitle or Subtitle 4A of this title is limited to the amount of that investment.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)