In this subtitle the following words have the meanings indicated. “Corporation” means the Maryland Technology Development Corporation. “Fund” means the Maryland Growth Initiative Fund. “Initiative” means the Maryland Growth Initiative.

There is a Maryland Growth Initiative in the Corporation. The purpose of the Initiative is to support the growth of start–up companies in the State by: identifying promising companies in the phase between early start–up development and scaling; providing access to experts in regulatory processes, manufacturing, clinical trials, market launches, and other areas of business; facilitating private investment in companies; assisting in the acquisition of infrastructure including office space, equipment, and support for product development; and providing technical and business expertise.

There is a Maryland Growth Initiative Fund. 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. The Corporation shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; public and private investment funds; interest earnings; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only: for the purposes described in subsection (b) of this section; for the purposes described in § 10–4E–02 of this subtitle; and to pay the costs necessary to administer the Initiative. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any investment earnings of the Fund shall be credited to the Fund. The Governor shall include in the annual budget bill an appropriation of $5,000,000 for the Initiative. The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.

The Initiative shall create a curated list of companies in the State that are between the start–up and scaling phases. Priority shall be given to companies that are: current or prior recipients of funding from the Maryland Innovation Initiative; current or prior recipients of funding from any other program administered by the Corporation; minority business enterprises described in § 9–4119(a) of the State Government Article; and located in a high–need or economically distressed geographic area of the State as determined by the Corporation.

The Corporation may adopt regulations to implement this subtitle.