There is an Industry 4.0 Technology Grant Program in the Department. The Department may enter into a memorandum of understanding with a State–chartered corporation under Title 10 of this article to authorize the State–chartered corporation to administer the Program in accordance with this subtitle. The purpose of the Program is to assist SME manufacturers in the purchase, implementation, and related employee training of Industry 4.0 technology and related infrastructure in order to increase productivity, efficiency, and competitiveness in the State and national manufacturing environment. To qualify for a grant under the Program, an SME manufacturer shall submit to the Program administrator an application that demonstrates that: the company is a qualifying SME manufacturer; the company has business operations in Maryland; and the company has been in existence for over 1 year. In awarding grants under the Program, the Program administrator shall award grants on a competitive basis based on: the proposed project’s alignment with adoption of Industry 4.0 technologies; the applicant’s demonstrated overall commitment to, or strategy for, Industry 4.0 technology adoption; the demonstrated positive impact of the Industry 4.0 technology on the applicant’s business operations and competitiveness; and any other information requested by the Program administrator. Subject to paragraph (3) of this subsection, the Department shall award to an eligible SME manufacturer a grant of at least $25,000, but not exceeding $500,000. An SME manufacturer that receives a grant under this subsection shall provide matching funds in the amounts specified under this paragraph. The Department shall establish a sliding scale formula for the matching funds required by an SME manufacturer to be provided a grant under this section, with SME manufacturers with fewer employees requiring a lesser percentage and SME manufacturers with more employees requiring a higher percentage. The Department shall reserve at least 20% of the funds available during each fiscal year for awarding grants under this subsection to SME manufacturers that employ 50 or fewer employees. If the total amount of grants applied for by SME manufacturers that employ 50 or fewer employees is less than the amount of funds reserved under subparagraph (i) of this paragraph during a fiscal year, the Department may utilize the balance of the reserved funds for awarding grants under this subsection to SME manufacturers that employ more than 50 employees. A grant awarded under the Program may be used for projects that directly affect manufacturing processes and focus on investments in Industry 4.0 technology commercial–ready equipment through established vendors or related infrastructure. Within 1 year after receiving a grant under the Program, an SME manufacturer shall submit to the Department a letter that: describes how the grant funding was used; and includes any invoices related to the implementation of the Industry 4.0 technology or related infrastructure. The Department may require a grant recipient that fails to fulfill the requirements of the grant to return all or part of the grant to the Program.