BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 5-7B-01(d)(1)(iii)
Annotated Code of Maryland

(1995 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83A - Department of Business and Economic Development

SUBTITLE 13. MARYLAND COMPETITIVE ADVANTAGE FINANCING FUND.
5-1301.

(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) "FUND" MEANS THE MARYLAND COMPETITIVE ADVANTAGE FINANCING
FUND.

(C) "ECONOMICALLY DISADVANTAGED INDIVIDUAL" MEANS AN INDIVIDUAL
WITH A NET WORTH EXCLUDING THE VALUE OF THE BUSINESS OF LESS THAN
$500,000.

(D) (C) "FINANCIAL ASSISTANCE" MEANS:

(1) LOANS;

(2) LOAN GUARANTEES;

(3) INTEREST SUBSIDIES; AND

(4) INCENTIVES TO PRIVATE LENDERS OR ANY OTHER FINANCIAL
ASSISTANCE DESIGNED TO SECURE BUSINESS LOANS FROM FINANCIAL
INSTITUTIONS.

(E) "PRIORITY FUNDING AREA" HAS THE MEANING STATED IN § 5-7B-02 OF
THE STATE FINANCE AND PROCUREMENT ARTICLE.

(F) (D) "SMALL BUSINESS" MEANS A BUSINESS THAT AT THE TIME OF
APPLICATION HAS:

(1) NET SALES REVENUES OF LESS THAN $1,000,000 PER YEAR; AND

(2) FEWER THAN 100 FULL-TIME EMPLOYEES.

(G) (E) (1) "WORKING CAPITAL" MEANS FUNDS TO BE USED FOR CURRENT
OPERATIONS OF A BUSINESS.

(2) "WORKING CAPITAL" INCLUDES FUNDS FOR SUPPLIES, MATERIALS,
LABOR, RENT, SOFTWARE, MARKETING, INSURANCE, AND FEES FOR PROFESSIONAL
SERVICES.