# Economic Development (GEC)

## Title 5. Economic Development and Financial Assistance Programs

### Subtitle 3. Maryland Economic Development Assistance Authority and Fund

#### Section 5-332

(a) A local government shall use a grant under this part:

  (1) to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or

  (2) to provide loans to small businesses.

(b) The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made.

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