MD HB1371

Establishes the Maryland–Africa and the Caribbean Investment and Development Program within the Department of Commerce to promote trade, investment, and economic development between Maryland's African Diaspora community and Africa/Caribbean regions

Creates the Maryland African Diaspora Investment and Development Fund as a special nonlapsing fund, with required appropriations of $10,000,000 annually for fiscal years 2028 through 2032

Fund provides grants, low-interest loans, and technical assistance to businesses owned by or partnered with members of the African Diaspora, located in Northeast Baltimore or other Board-designated communities

Establishes an Advisory Board including the Secretary of Commerce, Mayor of Baltimore, and Governor-appointed members representing the African Diaspora business community, Baltimore City organizations, academic institutions (including an HBCU), organized labor, and the financial sector

Recipient businesses must hire at least 50% of new employees from their local community and comply with prevailing wage requirements; funds cannot be used for passive investment, debt refinancing, or lobbying