1. A. Except as otherwise provided in this subtitle, the following terms have the meanings indicated.

2. B. Terms Defined.

   1. (1) “Award” means grants, equity financing, debt financing, and other financial assistance.
   2. (2) “Commission” means the Equitech Growth Commission.
   3. (3) “Equitech Growth Fund” means the fund described in §10-488 of the Act.
   4. (4) “Infrastructure” means to build or expand equipment, systems, resources, and facilities in the State to support, attract, and retain businesses in the State.

   5. (5) Metrics.

      1. (a) “Metrics” means performance criteria and measures established by the applicant for the applicant’s project.
      2. (b) “Metrics” may include but is not limited to the project’s potential impact on businesses, industry growth, jobs, diversity, equity and inclusion, and economic development in the State.
      3. (c) “Metrics” shall be consistent with the 10-year goals in the strategic plan developed by the Commission.
   6. (6) “Nonprofit” means a tax-exempt entity under the Internal Revenue Code, organized for charitable, educational, or socially beneficial purposes.
   7. (7) “Other sources of funding” means funding received from a non-profit or a public entity.
   8. (8) “Private entity” or “private sector” means a non-governmental enterprise for profit that is not affiliated, through ownership or control with the federal, state, or a local government.

   9. (9) Public Entity

      1. (a) “Public entity” means a unit of the State or a local government.
      2. (b) “Public entity” includes political subdivision, trusts, and instrumentalities of the State.
   10. (10) “State” means the State of Maryland.

   11. (11) Workforce Development.

       1. (a) “Workforce development” means a coordination of programs and policies to create, sustain, and retain a viable workforce.
       2. (b) “Workforce development” includes educational programs, degree and non-degree programs, certifications, training, and exposure to career pathways in Science, Technology, Engineering, Arts, or Math for all ages.

Authority: Economic Development Article, §10-488, Annotated Code of Maryland

Effective date: January 20, 2025 (52:1 Md. R. 19)