The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 945 - Business and Economic Development - Maryland Small Business Development Financing Authority.

This bill expands the purposes of the Maryland Small Business Development Financing Authority (MSBDFA) to include assisting small businesses that are unable to obtain adequate business financing on reasonable terms because they do not meet financial institutions' credit criteria. It alters the eligibility requirements for the Equity Participation Investment Program that operates under MSBDFA to allow such businesses to receive loans through the program. The bill also increases the maximum amount payable by MSBDFA under its guarantee for a long-term loan made by a financial institution from $600,000 to $1 million.

Senate Bill 789, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 945.

Parris N. Glendening