# Economic Development (GEC)

## Title 5. Economic Development and Financial Assistance Programs

### Subtitle 5. Maryland Small Business Development Financing Authority

#### Section 5-512

(a) The Authority exercises its powers and performs its duties subject to the authority of the Secretary.

(b) The Authority may:

  (1) adopt bylaws for the conduct of its business;

  (2) adopt a seal;

  (3) maintain offices in the State;

  (4) sue and be sued in its own name;

  (5) retain consultants;

  (6) use the services of governmental units;

  (7) contract for and accept, to carry out this subtitle, a loan or grant from the federal government, a political subdivision of the State, or any other source;

  (8) purchase, receive, lease as lessee, or otherwise acquire, sell, mortgage, lease as lessor, pledge, administer, dispose of, or otherwise deal with property given as collateral under a loan agreement on the terms and conditions it considers advisable;

  (9) adopt regulations necessary to carry out its powers;

  (10) acquire or take assignments of loan documents; and

  (11) do anything necessary or convenient to carry out its powers.

(c) The Authority shall:

  (1) in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services;

  (2) keep proper records of its accounts;

  (3) keep separate records for:

    (i) the Small Business Development Contract Financing Fund under Part III of this subtitle;

    (ii) the Small Business Development Guaranty Fund under Part IV of this subtitle;

    (iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and

    (iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and

  (4) in accordance with Sec. 2.5-109 of this article, submit a report on its condition and operations.

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