Section 5-550 - Legislative findings; purposes. - Maryland Statutes

§ 5-550. Legislative findings; purposes.
 

(a)  Findings.- The General Assembly finds that: 

(1) franchises and technology-based businesses have proven to be a fast growing and reliable form of successful business expansion and successful new business creation; 

(2) franchises and technology-based businesses play a major role in the economy of the State and have been a continuing source of increasing tax revenues and job opportunities; 

(3) the growth of franchises, technology-based businesses, and other businesses should be encouraged and should be an integral part of the State's economic development effort; 

(4) socially or economically disadvantaged individuals often lack adequate capital and are unable to obtain financing from financial institutions or venture capital firms to begin and develop a franchise, a technology-based business, or other type of business, or to purchase an existing business; and 

(5) promoting the creation and viability of franchises and technology-based businesses, the development of other businesses, and the purchase of existing businesses by socially or economically disadvantaged individuals is in the public interest. 

(b)  Purposes.- The purposes of the Equity Participation Investment Program are to: 

(1) encourage and help socially or economically disadvantaged individuals to create and develop franchises, technology-based businesses, and other businesses and acquire existing businesses in the State; and 

(2) assist small businesses that, because they do not meet the established credit criteria of financial institutions, cannot obtain adequate business financing on reasonable terms through normal financing channels. 
 

[An. Code 1957, art. 83A, §§ 5-1042, 5-1043; 2008, ch. 306, § 2.]