WILLIAM DONALD SCHAEFER, Governor                            Ch. 691

(B)     THE SECRETARY IS AUTHORIZED TO DO ALL THINGS NECESSARY OR
CONVENIENT IN ORDER TO PARTICIPATE FULLY IN THE FORMATION AND
OPERATION OF SPECIALIZED SMALL BUSINESS INVESTMENT COMPANIES. TO THE
EXTENT PERMITTED BY FEDERAL LAW.

(C)      NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE SECRETARY
MAY USE FUNDS FROM THE FOLLOWING ACCOUNTS WITHIN THE DEPARTMENT TO
FINANCE SPECIALIZED SMALL BUSINESS INVESTMENT COMPANIES:

(1)      THE MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING
AUTHORITY CREATED BY TITLE 13, SUBTITLE 2 OF THE FINANCIAL INSTITUTIONS
ARTICLE: AND

(2)      THE ENTERPRISE FUND CREATED PURSUANT TO § 1-205.1 OF THIS
ARTICLE.

Article - Financial Institutions

13-201.

(a)      In this subtitle the following words have the meanings indicated.

(b)     "Authority" means the Maryland Small Business Development Financing
Authority.

(C)      "DEPARTMENT" MEANS THE DEPARTMENT OF ECONOMIC AND
EMPLOYMENT DEVELOPMENT.

(D)     "AUTHORITY STAFF" MEANS ANY OF THE INDIVIDUALS WHO ARE
EMPLOYED BY THE DEPARTMENT TO OPERATE THE PROGRAMS OF THE MARYLAND
SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY IMMEDIATELY PRIOR TO
THE EXECUTION BY THE DEPARTMENT OF A CONTRACT WITH THE PRIVATE
CORPORATION ORGANIZED BY ANY OF THOSE INDIVIDUALS.

[(c)](E) "Financial institution" means any financial institution as that term is
defined in § 1-101(h) of this article as well as any other lender approved by the Authority.

[(d)](F) "Contract Financing Fund" means the Small Business Development
Contract Financing Fund.

[(e)](G) "Loan documents" means any instrument or agreement evidencing,
securing, or guaranteeing the payment or the repayment of a loan, including by way of
example any note, financing statement, mortgage, pledge, assignment, loan and security
agreement, or guarantee.

[(f)](H) "Secretary" means the Secretary of Economic and Employment
Development.

[(g)](I) "Guaranty Fund" means the Small Business Development Guaranty
Fund.

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