# Economic Development (GEC)

## Title 5. Economic Development and Financial Assistance Programs

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

#### Section 5-553

(a) The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract.

(b)

  (1) This subsection does not apply if the sources of funding for the bonds are grants.

  (2) The bonds may not exceed $5,000,000 each.

(c) Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.

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