S.B. 810                                                  VETOES

(2)     Is in good standing with each State regulatory authority with jurisdiction
over the business, including the State Workers' Compensation Commission, the
Department of Assessments and Taxation, and the Department of BUSINESS AND
Economic [and Employment] Development; and

(3)     Employs 500 or fewer employees.

(d)     (1) "Fixed asset financing" means the use of a commercial loan to finance:

(i) The acquisition or construction of a building, in whole or in part;

(ii) The acquisition of the land upon which the building is located or is
to be located if the land is not already owned by the applicant; or

(iii) The acquisition of machinery or equipment.

(2)     "Fixed asset financing" does not' include the refinancing of an existing
debt.

(e)     "Fund" means the Maryland Enterprise Deposit Incentive Fund.

(f)      "Lender" means a financial institution that:

(1)     Is eligible to make commercial loans;
(2) Is a public depository of State funds;

(3)     Agrees to receive linked deposits under the provisions of this subtitle;
and

(4)     Is insured by:

(i) The Federal Deposit Insurance Corporation; or

(ii) The Federal Savings and Loan Insurance Corporation.

(g)     "Linked deposit" means a certificate of deposit placed by the Department
with a lender at 3 percent below the prevailing market rate at the time of the deposit.

5-602.

(a)     There is a Maryland Enterprise Incentive Deposit Fund [with] IN the
Department.

(b)     (1) The purpose of this Fund is to stimulate economic and employment
growth in rural areas of the State that have high unemployment.

(2)     The Fund will assist small businesses in obtaining loans at lower than
market rates.

(3) The small business may use the loan for the acquisition of land,
buildings, machinery, and equipment.

(4) The acquisitions made by the small business shall be used to create or
retain employment opportunities in the rural area.

- 3916 -