# Economic Development (GEC)

## Title 5. Economic Development and Financial Assistance Programs

### Subtitle 22. Maryland New Start Microloan Program

#### Section 5-2203

(a) To carry out the purpose of the Program, the Department may issue loans in accordance with this section to qualified covered individuals.

(b)

  (1) On a referral by an organization conducting an entrepreneurial development program under the New Start Grant Program established under Sec. 11-606 of the Labor and Employment Article and subject to availability of funds in the Fund, a covered individual participating in that entrepreneurial development program may apply for a loan to establish a business.

  (2) The referral shall include a recommendation by the organization conducting the entrepreneurial development program for the amount of the loan to be issued by the Department.

  (3) The Department shall take a referral and recommendation provided by an organization conducting an entrepreneurial development program under this subsection into consideration when determining to issue a loan under this section but is not bound by the referral or recommendation.

(c) A loan issued under this section may not exceed $50,000.

(d)

  (1) Subject to paragraph (2) of this subsection, the Department shall specify the terms of the loan.

  (2) The loan may not require the provision of any collateral.

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