1. (a) There is an Enterprise Fund in the Corporation.

2. (b) The Corporation may use the Fund to:

   1. (1) make a grant or loan, at the rate of interest set by the Corporation;
   2. (2) provide equity investment financing for a qualified business;
   3. (3) guarantee a loan, equity, investment, or other private financing to expand the capital resources of a qualified business;
   4. (4) purchase advisory services and technical assistance to better support economic development;
   5. (5) pay the Corporation's obligations to a venture firm under the Invest Maryland Program, as provided under § 10-4A-20(c)(2)(i) of this title; and
   6. (6) pay the administrative, legal, and actuarial expenses of the Corporation.
3. (c) The Corporation shall manage and supervise the Fund.

4. (d)

   1. (1) The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
   2. (2) The Treasurer shall hold the Fund and the Comptroller shall account for it.

5. (e) The Fund consists of:

   1. (1) money appropriated by the State to the Fund;
   2. (2) money made available to the Fund through federal programs or private contributions;
   3. (3) repayment of principal of a loan made from the Fund;
   4. (4) payment of interest on a loan made from the Fund;
   5. (5) proceeds from the sale, disposition, lease, or rental by the Corporation of collateral related to financing that the Corporation provides under this subtitle or Subtitle 4A of this title;

   6. (6) premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Corporation by or on behalf of:

      1. (i) a qualified business in which the Corporation has made an investment under this subtitle or Subtitle 4A of this title; or
      2. (ii) an investor providing an investment guaranteed by the Corporation under this subtitle or Subtitle 4A of this title;

   7. (7) recovery of an investment made by the Corporation in a qualified business under this subtitle or Subtitle 4A of this title, including an arrangement under which the Corporation's investment in the qualified business is recovered through:

      1. (i) a requirement that the Corporation receive a proportion of cash flow, commission, royalty, or payment on a patent; or
      2. (ii) the repurchase from the Corporation of any evidence of financial participation, including a note, stock, bond, or debenture;
   8. (8) repayment of a conditional grant extended by the Corporation;
   9. (9) money deposited into the Fund under § 10-4A-20(c)(2)(i) of this title; and
   10. (10) any other money made available to the Corporation for the Fund.

6. (f)

   1. (1) The Treasurer shall invest money in the Fund in the same manner as other State money.
   2. (2) Any investment earnings of the Fund shall be credited to the Fund.

Added as Economic Development § 5-602 by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2013, c. 175, § 1, eff. May 2, 2013. Renumbered as Economic Development § 10-469 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Amended by Acts 2019, c. 487, § 1, eff. June 1, 2019; Acts 2019, c. 488, § 1, eff. June 1, 2019; Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.