approval of the Governor. The Secretary of Eco-
nomic and Employment Development or designee,
and either the State Treasurer or Comptroller of the
Treasury, as designated by the Governor, or their
designees serve ex officio. The Authority appoints
an Executive Director who serves as Secretary.

MABYLAND ENTERPRISE INCENTIVE DEPOSIT
FUND

The Maryland Enterprise Incentive Deposit
Fund was created in 1989 (Chapter 822, Acts of
1989). The Fund assists eligible small businesses in
fixed asset financing. This financing assistance is
provided through the placement of a certificate of
deposit with a participating lender who agrees to
make a five-year term loan to the business at a loan
interest rate three percent less than the rate nor-
mally charged. Concurrently, the Fund agrees to
accept an interest rate on the certificate which is
three percent less than the market rate on certifi-
cates of similar maturity. This assistance may not
exceed $500,000.
An eligible business is a for-profit business, em-
ploying 500 people or less, located in a county with
a population of less than 200,000 and an unem-
ployment rate at least 130% of the rate for the State
during the most recent four consecutive quarters.
The Fund is administered by the Maryland Indus-
trial Development Financing Authority.

MARYLAND SEAFOOD & AQUACULTURE LOAN
FUND

Established in 1990, the Maryland Seafood and
Aquaculture Loan Fund fosters expansion, modern-
ization, and innovation in the seafood processing and
aquaculture industries (Chapter 511, Acts of 1990).
The Fund can provide a loan of up to half the
cost of a project with the maximum loan being
$250,000. The interest rate on loans is fixed at a
rate below the prime rate of interest at the time the
loan is approved. Loans may be used for equip-
ment, real estate acquisition, and construction of
aquaculture parks, but not for working capital. The
maximum loan term is 20 years. The Fund is admin-
istered by the Maryland Industrial Development
Financing Authority.

MARYLAND ENERGY FINANCING
ADMINISTRATION
Luther B. Miller, Jr., Director
(410) 333-4782

Created in 1981 in response to federal funding
initiatives for energy conservation and alternative
source development, the Maryland Energy Financ-
ing Administration became affiliated with the Mary-
land Industrial Development Financing Authority
in 1988 (Chapter 141, Acts of 1988).
The Administration provides financial assistance
to Maryland businesses for energy conservation or

generation projects by issuing tax-exempt or tax-
able-rate revenue bonds or notes which provide
below-market interest rates. If necessary, the Mary-
land Industrial Development Financing Authority
may insure all or part of such obligations.

TRADE FINANCE PROGRAM
Marie V. Torres, Director
(410) 333-8189

To encourage Maryland businesses to expand
their efforts to export Maryland products and serv-
ices, the Trade Finance Program was established
under the Maryland Industrial Development Fi-
nancing Authority. The Program is designed to
provide pre-export working capital and/or financ-
ing of shipments abroad. Actual financing is pro-
vided by lending institutions, with the Authority
serving as an insurer of the obligation.
The Trade Finance Program also works with
the Export-Import Bank of the United States
(Eximbank) to help Maryland businesses obtain
financing assistance from Eximbank by packaging
Eximbank's Working Capital Guarantee Program
applications and obtaining foreign credit risk pro-
tection through the Foreign Credit Insurance
Association's Umbrella Policy.

MARYLAND SMALL BUSINESS
DEVELOPMENT FINANCING AUTHORITY
Gerald L. Feigen, Acting Chairperson, 1996
Stanley W. Tucker, Executive Director
(410) 333-4270

The Maryland Small Business Development Fi-
nancing Authority (MSBDFA) was created in 1978
(Chapter 879, Acts of 1978). To provide financial
assistance to socially and economically disadvan-
taged businesses within the State, the Authority
administers four programs: Government Contract
Financing; Long-Term Guarantee; Equity Partici-
pation Investment; and Surety Bonding.
Government Contract Financing Program. For
eligible firms with government or public utility
contracts, the Authority may guarantee a loan
from a financial institution or provide a direct
loan for working capital and equipment. These
guarantees or loans may be provided only as
necessary to fulfill contracts on projects financed
by federal, State or local government, or by a
utility regulated by the Public Service Commis-
sion.
Long-Term Guarantee Program. For all eligible
firms, the Authority may guarantee and/or pay an
interest rate subsidy on a long-term loan made by
a financial institution for working capital, acquisi-
tion and related installation of machinery and
equipment, or necessary improvements to real
property owned in fee simple by the applicant.