Maryland Department of Business and Economic Development Section 6-503

      (a)      (1)      The Maryland Economic Adjustment Fund shall be used as a nonlapsing revolving fund to make loans to new or existing companies in communities suffering dislocation due to defense adjustments to enable the companies to modernize their manufacturing operations, develop commercial applications for technology, or enter into and compete in new economic markets.

            (2)      The Fund may be used to grant moneys to a local or regional Maryland governmental or nonprofit revolving loan fund.

      (b)      No part of this subtitle may be construed to obligate or require funding from the general funds of the State, regardless of the availability of other funding sources for the purposes of the Fund.

      (c)      The Secretary may delegate the underwriting, closing, monitoring, and workout functions for loans funded by the Fund to any division within the Department or may contract with another entity to perform these functions for the Fund.