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<section article="gec" article_name="Economic Development" number="5-1204" title_number="5" title_name="Economic Development and Financial Assistance Programs" subtitle_number="12" subtitle_name="Maryland Nonprofit Development Center Program">
  <level label="a">
    <level label="1">
      <level label="i">
        <text>There is a Maryland Nonprofit Development Center Program Fund in the Department.</text>
      </level>
      <level label="ii">
        <level label="1">
          <text>Within the Fund, there is a Nonprofit, Interest–Free, Micro Bridge Loan (NIMBL) Account.</text>
        </level>
        <level label="2">
          <text>The Account consists of:</text>
        </level>
        <level label="A">
          <text>money received under § 9–1A–27 of the State Government Article; and</text>
        </level>
        <level label="B">
          <text>any other money appropriated, transferred by budget amendment, or repaid to the Account.</text>
        </level>
        <level label="3">
          <text>The money in the Account may not exceed $1,000,000.</text>
        </level>
        <level label="4">
          <text>If the money in the Account exceeds $1,000,000, any money in excess of that amount shall be transferred to the Small, Minority, and Women–Owned Businesses Account established under § 5–1501 of this title.</text>
        </level>
      </level>
    </level>
    <level label="2">
      <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text>
    </level>
    <level label="3">
      <text>The Fund consists of:</text>
      <level label="i">
        <text>money appropriated in the State budget to the Fund;</text>
      </level>
      <level label="ii">
        <text>money in the Nonprofit, Interest–Free, Micro Bridge Loan (NIMBL) Account; and</text>
      </level>
      <level label="iii">
        <text>all other money accepted for the benefit of the Fund, including an additional $50 fee to be paid for the processing of articles of incorporation of a nonstock corporation in accordance with § 1–203 of the Corporations and Associations Article.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>The purpose of the Fund is to provide grant money and bridge loans to support the operations of the Program consistent with this subtitle.</text>
    </level>
    <level label="2">
      <text>As provided in the State budget, the Fund also may be used by the Department of General Services to evaluate the participation of nonprofit entities in State procurement.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $1,000,000 to the Fund to be used for loans under the NIMBL Account.</text>
    </level>
    <level label="2">
      <text>If $1,000,000 is not included in the annual budget bill for fiscal year 2024, then the Governor shall include in the annual budget bill for fiscal year 2025 an appropriation of $1,000,000 to be used for loans under the NIMBL Account.</text>
    </level>
  </level>
</section>
