§ 5-1006. Military Personnel and Veteran-Owned Small Business No-Interest Loan Fund

West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2015

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 10. Military Personnel and Veteran-Owned Small Business NO-Interest Loan Program (Refs & Annos)
Effective: July 1, 2015
MD Code, Economic Development, § 5-1006
§ 5-1006. Military Personnel and Veteran-Owned Small Business No-Interest Loan Fund
Currentness
In general
(a) There is a Military Personnel and Veteran-Owned Small Business No-Interest Loan Fund.
Purpose of Fund
(b) The purpose of the Fund is to provide no-interest loans consistent with this subtitle.
Administration of Fund
(c) The Secretary shall administer the Fund.
Nature of Fund
(d)(1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(3) Any investment earnings of the Fund shall be credited to the Fund.
Contents of Fund
(e) The Fund consists of:
(1) money the State appropriates to the Fund;
(2) money made available to the Fund through federal programs or private contributions;
(3) repayments from loans provided by the Department under this subtitle;
(4) proceeds from the sale, disposition, lease, or rental of collateral related to loans provided by the Department under this subtitle; and
(5) any other money made available to the Fund.
Use of Fund
(f) The Department may use money in the Fund to provide loans to eligible applicants under §§ 5-1002 through 5-1004 of this subtitle.

Credits

Added by Acts 2015, c. 390, § 1, eff. July 1, 2015.
MD Code, Economic Development, § 5-1006, MD ECON DEV § 5-1006
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document