§ 10-502
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/md/economic-development/10-502A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–502.
(a)The General Assembly finds that:
(1)the State’s agricultural and resource-based industries continue to underpin the local economies of rural communities, but are increasingly under threat from national and international market competition, urban encroachment and land development pressure, and environmental and regulatory influences;
(2)the construction and renovation of food and fiber processing and secondary manufacturing facilities often require credit and capital in amounts that far exceed the available resources of individual small producers and small businesses;
(3)private enterprise and existing federal and State governmental programs have not adequately addressed agricultural industry support or developmental opportunities relating to emergent value-added agricultural processing activities, development of new or alternative markets, primary and secondary manufacturing, assistance for beginning farmers and producers, and financial support for environmental or technological enhancements;
(4)while some traditional agricultural enterprises in the State may have access to markets, capital, and credit, other existing or emerging segments of the agricultural industry lack market access, capital, and credit available for investment in agriculture, for domestic and export purposes, and at interest rates within the financial means of persons engaged in agricultural production and agricultural exports;
(5)in conjunction with the financial and other challenges associated with traditional agricultural industries, there is a need to provide economic and market development assistance to those individuals who wish to start, convert, or diversify their agricultural operations, or to make improvements associated with environmental regulations and potential market opportunities; and
(6)it is a matter of significant importance to rural economic development that the Corporation be created and authorized to:
(i)develop agricultural industries and markets;
(ii)support appropriate commercialization of agricultural processes and technology; and
(iii)alleviate the shortage of nontraditional capital and credit available at affordable interest rates for:
1. investment in agriculture to promote and assist agriculture in the State;
2. the sale of agricultural products, commodities, and services; and
3. capital investment in agricultural projects by providing capital and credit within the financial means of persons engaged in agriculture in the State.
(b)The purpose of the Corporation is to:
(1)assist the viability of the State’s diverse agricultural industry through development of new markets, capital and credit enhancements, and technical and other assistance to support, create, and sustain agricultural businesses throughout the State;
(2)provide financing and other assistance for product development, start–up and scale–up of food–related and fiber–related growing and processing operations in the State, and for technological enhancements that benefit the environment and water quality;
(3)seek partnerships and leveraging opportunities with public and private for–profit and nonprofit entities in making capital and credit assistance available to individual producers, producer cooperatives, and other agribusiness concerns operating in the State;
(4)facilitate and support access to high quality technical resources for agricultural entrepreneurs by incorporating existing support infrastructure including the development of strategic partnering opportunities and business incubation;
(5)foster cross–industry communication and assist other organizations in transferring to the private sector and commercializing the results and products of scientific agricultural research and development conducted by the federal government and colleges and universities; and
(6)work with public and private lending and grant–making institutions to:
(i)make low–interest and no–interest loans and loan guarantees available for agricultural product development, primary processing, and secondary manufacturing;
(ii)provide credit and capital to beginning farmers for land, equipment, and working capital acquisition;
(iii)make incentives available for activities related to small farm or small landowner viability and best management practices; and
(iv)make temporary land and easement purchases in accordance with State or local critical farm acquisition programs.