Maryland Agricultural and Resource-Based Industry Development Corporation - Oyster Shucking House Loan Program

SB 363 creates a loan program allowing the Maryland Agricultural and Resource-Based Industry Development Corporation to provide up to $250,000 in financing for oyster shucking businesses to support seasonal full-time job creation (defined as 420 hours over 12 weeks in a 3-month period). The program reduces eligibility requirements from 5 to 3 years of being a licensed seafood dealer and offers loan forgiveness based on returning oyster shells to the Chesapeake Bay or planting spat-on-shell, verified by the Department of Natural Resources. It appropriates $1 million for fiscal year 2024 to fund the program, targeting job retention and environmental restoration in Maryland's oyster industry.