# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 4E

#### Section 10-4E-03

(a) There is a Maryland Growth Initiative Fund.

(b) The purpose of the Fund is to provide postseed and Series A funding to qualified businesses in the State to scale up without needing to relocate.

(c) The Corporation shall administer the Fund.

(d)

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

  (2) The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(e) The Fund consists of:

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

  (2) public and private investment funds;

  (3) interest earnings; and

  (4) any other money from any other source accepted for the benefit of the Fund.

(f) The Fund may be used only:

  (1) for the purposes described in subsection (b) of this section;

  (2) for the purposes described in Sec. 10-4E-02 of this subtitle; and

  (3) to pay the costs necessary to administer the Initiative.

(g)

  (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

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

(h)

  (1) The Governor shall include in the annual budget bill an appropriation of $5,000,000 for the Initiative.

  (2) The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.

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