Ch. 434

2003 LAWS OF MARYLAND

CHAPTER 434
(House Bill 497)

AN ACT concerning

Business and Economic Development - Maryland Economic Development
Assistance Fund and Maryland Competitive Advantage Financing Fund

FOR the purpose of expanding the allowable uses of funds from the Maryland
Economic Development Assistance Fund (MEDAF) to include expenditures for
certain projects in certain federal disaster areas; expanding the list of industry
sectors eligible to receive MEDAF funds; providing for the eligibility of certain
applicants for funding from the Maryland Competitive Advantage Financing
Fund; and generally relating to financial assistance from the Maryland
Economic Development Assistance Fund and the Maryland Competitive
Advantage Financing Fund.

BY repealing and reenacting, with amendments,

Article 83A - Department of Business and Economic Development

Section 5-1303, 5-1405(b), and 5-1410(e)

Annotated Code of Maryland

(1998 Replacement Volume and 2002 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

5-1303.

(a)     The Department may use moneys in the Fund to:

(1)     Provide financial assistance to eligible applicants; and

(2)     Pay expenses for administrative, actuarial, legal, and technical
services for the Fund.

(b)     Subject to the restrictions of this subtitle, the Department may provide
financial assistance from the Fund to a business that:

(1)     Is a small business;

(2)     Has made reasonable efforts to obtain financial assistance on
reasonable terms from other sources, OR IS LOCATED IN AN AREA DECLARED TO BE A
FEDERAL DISASTER AREA, PROVIDED THAT THE BUSINESS APPLIES TO THE FUND
WITHIN 1 YEAR OF THE FEDERAL DECLARATION; and

(3)     Meets the qualifications required by this subtitle.

(c)     To apply for financial assistance, an applicant shall submit an application
to the Department on the form that the Department requires.

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