Economic Development - Maryland Agricultural and Resource-Based Industry Development Corporation - Loans

This bill expands the Maryland Watermen's Microloan Program to include beginner fishermen, seafood processing businesses, and individuals holding specific commercial fishing licenses from the Potomac River Fisheries Commission, while also allowing loans for seasonal full-time jobs. It authorizes the Maryland Agricultural and Resource-Based Industry Development Corporation to provide loans up to $250,000 for seafood processing projects that support oyster shell retention, with funding amounts tied to the number of jobs created or retained. Recipients must submit annual reports for three years to verify job numbers and may receive partial loan forgiveness based on the number of oyster shells returned or spat-on-shell planted. Starting July 1, 2025, the program will broaden its eligibility beyond generational watermen to support a wider range of commercial fishing operations and related industries.