§ 5–325
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-325 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 3. Maryland Economic Development Assistance Authority and Fund
§ 5–325LinkCopy Citation
(a)
Subject to the restrictions of this subtitle, the Department or Authority may impose the terms and conditions on financial assistance from the Fund as either considers appropriate.
(b)
(1)
Except as provided in paragraph (2), (3), or (4) of this subsection, financial assistance from the Fund may not exceed 70% of the total costs of the project being financed.
(2)
Financial assistance from the Fund may constitute 100% of the total costs of the project being financed if:
(i)
the recipient is the Corporation; or
(ii)
the financial assistance is for:
(1)
an arts and entertainment enterprise;
(2)
an arts and entertainment project; or
(3)
a Tier I county project.
(3)
(i)
Except as provided in subparagraph (ii) of this paragraph, financial assistance from the Fund:
(1)
may be used to finance up to 50% of the costs of construction, purchase, or renovation of real property, fixtures, or equipment related to a child care facility; but
(2)
may not be used for working capital, supplies, or inventory related to a child care facility.
(ii)
Financial assistance from the Fund may be used to finance up to 20% of the costs described in subparagraph (i) of this paragraph incurred by a business that has received or will receive a day care loan insured by the Maryland Industrial Development Financing Authority.
(4)
Financial assistance for preparation of a strategy or plan for economic development of a county or municipal corporation may not exceed:
(i)
50% of the costs of preparation; or
(ii)
$50,000 in a 3–year period.
(c)
The Department or the Authority shall determine whether a loan from the Fund shall bear interest and, if so, the interest rate.