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MD SB788
MD SB788Economic Development – Small Business Financing – Loan Loss Reserve (Maryland Capital Access Program)
summary
Introduced
02/09/2021
02/09/2021
In Committee
02/09/2021
02/09/2021
Crossed Over
Passed
Dead
04/12/2021
04/12/2021
Introduced Session
2021 Regular Session
Bill Summary
Establishing a Capital Access Program in the Department of Commerce for the purpose of stimulating opportunities for small businesses that may have difficulty in obtaining business financing to have access to credit by establishing a loan loss reserve program; specifying that certain loans qualify under the Program; requiring a lender to enroll a qualifying loan not more than 30 days after the date of the first disbursement; authorizing a lender to enroll all or a portion of a qualifying loan in an amount not more than $250,000; etc.
AI Summary
This bill establishes a Capital Access Program in the Maryland Department of Commerce to help small businesses that may have difficulty obtaining financing to access credit through a loan loss reserve program. The program allows lenders to enroll qualifying loans of up to $250,000 with the Department, which will match the borrower's and lender's contributions to a loan loss reserve account for the enrolled loan. The bill specifies the criteria for qualifying loans and the procedures for lenders to enroll loans and withdraw from the program. It also appropriates $10 million for the program in fiscal year 2023.
Committee Categories
Budget and Finance
Sponsors (6)
Katie Hester (D)*,
Brian Feldman (D),
Cheryl Kagan (D),
Ben Kramer (D),
Douglas Peters (D),
Chris West (R),
Last Action
Hearing 3/16 at 1:00 p.m. (Finance) (on 02/10/2021)
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0788?ys=2021RS |
| BillText | http://mgaleg.maryland.gov/2021RS/bills/sb/sb0788f.pdf |
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