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3638
LAWS OF MARYLAND
Ch. 776
(4) SOCIALLY OR ECONOMICALLY DISADVANTAGED PERSONS
OFTEN LACK ADEQUATE CAPITAL AND ARE UNABLE TO OBTAIN FINANCING
FROM FINANCIAL INSTITUTIONS TO BEGIN, DEVELOP, EXPAND, AND
SUSTAIN AND DEVELOP A FRANCHISE; AND
(5) IT IS IN THE INTEREST OF THE PUBLIC WELFARE AND
PURPOSE TO PROMOTE THE CREATION, VIABILITY AND EXPANSION AND
VIABILITY OF FRANCHISES HELD AND OPERATED BY SOCIALLY OR
ECONOMICALLY DISADVANTAGED PERSONS.
13-237.
THE PURPOSE OF THE VENTURE CAPITAL EQUITY PARTICIPATION
INVESTMENT PROGRAM IS TO : ENCOURAGE AND AID IN THE CREATION ,
DEVELOPMENT, EXPANSION, AND RETENTION AND DEVELOPMENT OF
FRANCHISES IN THE STATE HELD AND OPERATED BY SOCIALLY OR
ECONOMICALLY DISADVANTAGED PERSONS.
(1) STIMULATE THE FLOW OF PRIVATE EQUITY, VENTURE
CAPITAL, AND LONG-TERM LOANS FOR THE SOUND FINANCING OF THE
DEVELOPMENT, EXPANSION, AND RETENTION OF SMALL BUSINESSES IN THE
STATE; AND
(2) ENCOURAGE THE DEVELOPMENT OF NEW PRODUCTS,
DISTRIBUTION METHODS, AND SERVICES BY SMALL BUSINESSES WITHIN THE
STATE THROUGH THE INFUSION OF FINANCIAL AID.
13-238.
(A) THERE IS A VENTURE CAPITAL AN EQUITY PARTICIPATION
INVESTMENT PROGRAM IN THE DEPARTMENT OF ECONOMIC AND COMMUNITY
DEVELOPMENT OF THE STATE.
(B) THE PROGRAM IS ADMINISTERED BY THE MARYLAND SMALL
BUSINESS DEVELOPMENT FINANCING AUTHORITY.
13-239.
FOR THE PURPOSES OF THIS SUBTITLE ADMINISTERING THE PROGRAM,
THE AUTHORITY MAY:
(1) PROVIDE VENTURE CAPITAL EQUITY PARTICIPATION
FINANCING FOR THE ESTABLISHMENT, DEVELOPMENT, AND EXPANSION, AND
RETENTION AND DEVELOPMENT OF INDEPENDENT AND FRANCHISED
ENTERPRISES INVOLVED IN THE MANUFACTURE AND DISTRIBUTION OF
PRODUCTS AND SERVICES IN THE STATE. IN ORDER TO ASSIST RECIPIENT
SMALL BUSINESSES IN THE DEVELOPMENT OF PRODUCTS, SERVICES,
MANAGEMENT PROCEDURES, AND TECHNIQUES;
(2) PROVIDED GUARANTEES TO PROFESSIONAL INVESTORS;
(3) CONTRACT FOR TECHNICAL ASSISTANCE FOR
ENTREPRENEURS, INCLUDING THE IDENTIFICATION, OF BUSINESS AND
FRANCHISE INVESTMENT OPPORTUNITIES IN THE SERVICE, RETAIL, AND
MANUFACTURING INDUSTRIES; AND
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