Maryland-Africa and the Caribbean Investment and Development Program - Establishment

HB 1371 establishes the Maryland-Africa and the Caribbean Investment and Development Program within the Department of Commerce to study and promote trade and investment between Maryland's African diaspora communities and Africa/Caribbean nations. The program creates an Advisory Board (with members from diaspora businesses, community groups, academic institutions, labor, and finance) to study trade opportunities and recommend actions to the Department. It also creates the Maryland African Diaspora Investment and Development Fund, a permanent fund providing grants, low-interest loans, and business support services to diaspora-owned businesses for expansion, startup capital, and job creation - particularly focusing on Northeast Baltimore communities. The bill directly affects businesses owned by Maryland residents of African or Caribbean descent, defined as first-generation immigrants and their descendants.