# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 4A. Invest Maryland Program

#### Section 10-4A-17

(a)

  (1) A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow-on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.

  (2) A follow-on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow-on investment.

  (3) With respect to an investment by the Enterprise Fund or the Financing Authority, a follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the business no longer meets the definition of a qualified business.

(b) Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.

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