# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation

#### Section 10-526.1

(a) In this section, "Fund" means the Maryland Seafood Industry Financial Assistance Fund.

(b) There is a Maryland Seafood Industry Financial Assistance Fund.

(c) The purpose of the Fund is to provide financial assistance, including loans, to commercial watermen and small businesses in the seafood industry.

(d) The Corporation shall administer the Fund.

(e) The Fund consists of:

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

  (2) loan principal repayments related to the financial assistance under this section;

  (3) money made available from the federal, State, or local government; and

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

(f) The Fund may be used only for:

  (1) financial assistance, including loans; and

  (2) the costs of the Corporation to administer this section.

(g) For financial assistance, including loans, provided under this section, the Corporation shall determine the following:

  (1) the application and award process;

  (2) eligibility criteria;

  (3) the amount of the financial assistance, including loans, for each applicant;

  (4) the terms and conditions of financial assistance, including loans;

  (5) the amount of loan forgiveness that the Corporation may provide for loan repayment performance; and

  (6) any other provisions necessary to carry out this section.

---

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