<?xml version='1.0' encoding='utf-8'?>
<section article="gec" article_name="Economic Development" number="5-515" title_number="5" title_name="Economic Development and Financial Assistance Programs" subtitle_number="5" subtitle_name="Maryland Small Business Development Financing Authority">
  <level label="a">
    <text>There is a Maryland Small Business Development Financing Fund in the Department.</text>
  </level>
  <level label="b">
    <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text>
  </level>
  <level label="c">
    <text>The State Treasurer shall:</text>
    <level label="1">
      <text>invest the money in the Fund in the same manner as other State money may be invested;</text>
    </level>
    <level label="2">
      <text>credit any investment earnings to the Fund; and</text>
    </level>
    <level label="3">
      <text>report each year to the Department on:</text>
      <level label="i">
        <text>the status of the money invested under this subtitle;</text>
      </level>
      <level label="ii">
        <text>the market value of the assets in the Fund as of the date of the report; and</text>
      </level>
      <level label="iii">
        <text>the interest received from investments during the period covered by the report.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>The Fund is the successor of the Small Business Development Contract Financing Fund, the Small Business Development Guaranty Fund, the Equity Participation Investment Incentive Program Fund, and the Small Business Surety Bond Fund established under the Maryland Small Business Development Financing Authority.</text>
    </level>
    <level label="2">
      <text>All financial assistance transactions and obligations approved by the Maryland Small Business Development Financing Authority shall continue as obligations of the Fund and are authorized under this subtitle.</text>
    </level>
  </level>
  <level label="e">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>premiums for guaranteeing loans under this subtitle;</text>
    </level>
    <level label="2">
      <text>premiums for guaranteeing equity investments under this subtitle;</text>
    </level>
    <level label="3">
      <text>repayments of principal of and interest on direct loans and equity participation financing made under this subtitle;</text>
    </level>
    <level label="4">
      <text>proceeds from the sale, disposition, lease, or rental of collateral for direct loans, loan guaranties, or equity participation financing made under this subtitle;</text>
    </level>
    <level label="5">
      <text>loans and grants from the federal government or a unit or instrumentality of the federal government;</text>
    </level>
    <level label="6">
      <text>grants and contributions of funds from the State, a political subdivision, or any other source;</text>
    </level>
    <level label="7">
      <text>premiums for guaranteeing long–term loans under this subtitle;</text>
    </level>
    <level label="8">
      <text>notwithstanding § 10–469(e) and (f) of this article or any other law, any recovery of investments made under § 10–469 of this article that were funded by a transfer of money from the funds under this subtitle to the Enterprise Fund, including an investment in MMG Ventures LLP;</text>
    </level>
    <level label="9">
      <text>notwithstanding § 10–469(e) and (f) of this article or any other law, any repayment of a grant made under § 10–469 of this article that was funded by a transfer of money from the funds under this subtitle to the Enterprise Fund;</text>
    </level>
    <level label="10">
      <text>money the State appropriates to the Fund;</text>
    </level>
    <level label="11">
      <text>money made available to the Fund through federal programs or private contributions;</text>
    </level>
    <level label="12">
      <text>premiums, fees, royalties, and repayments of investments made under the terms of bonding assistance and equity participation financing; and</text>
    </level>
    <level label="13">
      <text>all other receipts of the Department under this subtitle.</text>
    </level>
  </level>
</section>
