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MarylandSB 09202026 Regular SessionSenate

Economic Development - Small, Minority, and Women-Owned Business Accounts - Management Fees (Small Business Increased Access to Capital Act)

Sponsored By: Kevin M. Harris (Democratic)

Signed by Governor

Economic DevelopmentCommerce and Business -see also- ElectrComm; ForeignTr; etc.Commerce, Department ofFees -see also- Attys' Fees; Devt Fees & TaxesMinoritiesSmall BusinessStandards and Best PracticesWomen -see also- Gender

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Capped fees for small-business loan managers

Beginning July 1, 2026, eligible fund managers may collect a management fee on each program loan if the Department authorizes it. The fee is 1.5% to 3% of the total loan principal. The fee is paid from the Small, Minority, and Women‑Owned Business Accounts and may be kept by the manager for lending admin work. The Department can set a yearly cap on the total management fees a manager receives.

Who can manage these business funds

Beginning July 1, 2026, an eligible fund manager is an entity with significant financial or investment experience under rules set by the Department of Commerce. The Department may also designate an entity to manage funds the program receives. These rules decide who may manage the accounts and seek related grants or fees.

Grant money for admin costs, with cap

Beginning July 1, 2026, eligible fund managers can use program grants to pay admin, actuarial, legal, and technical costs. The Department of Commerce sets the maximum that each manager may use from those grants.

Sponsors & Cosponsors

Sponsor

  • Kevin M. Harris

    Democratic • Senate

Cosponsors

  • Nick Charles

    Democratic • Senate

  • C. Anthony Muse

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 168 • No: 13

House vote • 4/13/2026

Third Reading Passed

Yes: 123 • No: 13 • Other: 4

Senate vote • 3/19/2026

Third Reading Passed

Yes: 45 • No: 0

Actions Timeline

  1. Approved by the Governor - Chapter 392

    5/12/2026

  2. Returned Passed

    4/13/2026Senate

  3. Third Reading Passed (123-13)

    4/13/2026House

  4. Second Reading Passed

    4/8/2026House

  5. Favorable Adopted

    4/8/2026House

  6. Favorable Report by Economic Matters

    4/8/2026House

  7. Referred Economic Matters

    3/20/2026House

  8. Third Reading Passed (45-0)

    3/19/2026Senate

  9. Second Reading Passed with Amendments

    3/17/2026Senate

  10. Favorable with Amendments {373229/1 Adopted

    3/17/2026Senate

  11. Favorable with Amendments Report by Finance

    3/16/2026Senate

  12. Hearing 3/05 at 1:00 p.m.

    2/12/2026Senate

  13. First Reading Finance

    2/6/2026Senate

Bill Text

  • Enacted

    5/12/2026

    PDF

  • Third Reading

    3/17/2026

    PDF

  • First Reading

    2/6/2026

    PDF

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