§ 10-486

Maryland § 10-486

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 10

Text

(a) In this section, “Fund” means the Pre–Seed Builder Fund.

(b) There is a Pre–Seed Builder Fund in the Corporation.

(c) The purpose of the Fund is to support the development of start–up companies run by entrepreneurs from socially or economically disadvantaged backgrounds that hinder access to traditional forms of capital and executive networks at the pre–seed stage.

(d) The Corporation shall manage and supervise the Fund.

(e) (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) The Treasurer shall hold the Fund, and the Comptroller shall account for the Fund.

(f) (1) For fiscal year 2023, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Fund.

(2) For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $6,200,000 to the Fund.

(3) For fiscal year 2025 and each fiscal year thereafter, the Governor shall include in the annual budget bill an appropriation of $7,500,000 to the Fund.

(g) (1) The Treasurer shall invest money in the Fund in the same manner as other State money.

(2) Any investment earnings of the Fund shall be credited to the Fund.