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ROBERT L. EHRLICH, JR., Governor
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Ch. 228
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5-1042.
The General Assembly finds that:
(1) Franchises and technology-based businesses have proven to be a fast
growing and reliable form of successful business expansion and successful new
business creation;
(2) Franchises and technology-based businesses play a major role in the
economy of the State of Maryland and have been a continuing source of increasing tax
revenues and job opportunities;
(3) The growth of [franchises and] FRANCHISES, technology-based
businesses, AND OTHER BUSINESSES should be encouraged in the State's economy
and should be an integral part of the State's economic development effort;
(4) Socially or economically disadvantaged persons often lack adequate
capital and are unable to obtain financing from financial institutions or venture
capital firms to begin and develop a [franchise or] FRANCHISE, a technology-based
business, OR OTHER TYPE OF BUSINESS, or to purchase an existing business; and
(5) It is in the interest of the public welfare and purpose to promote the
creation and viability of franchises and technology-based businesses, THE
DEVELOPMENT OF OTHER BUSINESSES, and the purchase of existing businesses, by
socially or economically disadvantaged persons.
5-1043.
The purpose of the Equity Participation Investment Program is:
(1) To encourage and aid in the creation and development of [franchises
and] FRANCHISES, technology-based businesses, AND OTHER BUSINESSES, and in
the acquisition of existing businesses, in the State by socially or economically
disadvantaged persons; and
(2) To assist small businesses that, because they do not meet the
established credit criteria of financial institutions, are unable to obtain adequate
business financing on reasonable terms through normal financing channels.
5-1045.
For the purposes of administering the Program, the Authority may:
(1) Provide equity participation financing for the establishment and
development of [franchises and] FRANCHISES, technology-based businesses, AND
OTHER BUSINESSES, and the acquisition of existing businesses, by socially or
economically disadvantaged persons in the State;
(2) Buy, hold, and sell qualified securities;
(3) Prepare, publish, and distribute, with or without charge as the
Authority may determine, technical studies, reports, and other materials it considers
appropriate; and
- 1227 -
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