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<section article="gec" article_name="Economic Development" number="10-701" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust">
  <level label="a">
    <text>In this subtitle the following words have the meanings indicated.</text>
  </level>
  <level label="b">
    <text>“Board” means the Board of Trustees of the Maryland Venture Capital Trust.</text>
  </level>
  <level label="c">
    <text>“Investor” means a person or governmental entity that invests money in the Maryland Venture Capital Trust.</text>
  </level>
  <level label="d">
    <level label="1">
      <text>“Seed capital financing” means financing provided to a business during the initial stages of its development.</text>
    </level>
    <level label="2">
      <text>“Seed capital financing” includes financing for a business:</text>
      <level label="i">
        <text>to finish research and development of a product;</text>
      </level>
      <level label="ii">
        <text>to develop marketing plans; and</text>
      </level>
      <level label="iii">
        <text>to provide for initial facilities, inventory, and working capital.</text>
      </level>
    </level>
  </level>
  <level label="e">
    <text>“Trust” means the Maryland Venture Capital Trust.</text>
  </level>
  <level label="f">
    <text>“Venture capital fund” means an investment fund that provides capital to a business at any stage of its development before the business makes a public offering of stock.</text>
  </level>
</section>
