§ 5–320
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-320 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 3. Maryland Economic Development Assistance Authority and Fund
§ 5–320LinkCopy Citation
(a)
To be eligible for financial assistance from the Fund, an applicant shall be:
(1)
a local economic development fund that meets the criteria set forth in Part V of this subtitle; or
(2)
an individual, private business, nonprofit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:
(i)
except as provided in subsection (b) of this section, is in an eligible industry sector under § 5–321 of this subtitle; and
(ii)
has a strong potential for expanding or retaining employment opportunities in the State.
(b)
A project need not be in an eligible industry sector if the applicant:
(1)
is located in a Tier I county; or
(2)
(i)
is a local government or the Corporation; and
(ii)
does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.
(c)
In form and content acceptable to the Department, an applicant for financial assistance from the Fund shall submit to the Department an application that contains:
(1)
the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and
(2)
for a Tier I county project:
(i)
a marketing plan designed to market the project to prospective businesses;
(ii)
a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and
(iii)
a plan for the project that is consistent with the county’s local strategic economic development plan as to the location and type of project.