Sec. 1. 5 MRSA c. 383, sub-c. II, Art. 2-A is enacted to read:

ARTICLE 2-A

MAINE MICROENTERPRISE INITIATIVE

§13063-D.__Definitions

As used in this article, unless the context otherwise indicates, the following terms have the following meanings.

1.__Community-based organization.__"Community-based organization" means a nonprofit organization that has:

A.__Developed a viable plan for providing training, access to financing and technical assistance to microenterprises;

B.__Broad-based community support; and

C.__An adequate source of operating capital.

2.__Fund.__"Fund" means the Maine Microenterprise Initiative Fund established in section 13063-E.

3.__Microenterprise.__"Microenterprise" means a business located in the State that produces goods or provides services and has fewer than 10 full-time equivalent employees and annual gross revenues of less than $500,000.

§13063-E.__Maine Microenterprise Initiative Fund

1.__Fund established.__The Maine Microenterprise Initiative Fund is established as a nonlapsing revolving fund administered by the department.__The fund consists of money appropriated to it by the Legislature from the General Fund and eligible investment earnings from fund assets.__The fund must be held separate from all other money, funds and accounts and all eligible investment earnings from fund assets must be credited to the fund.

2.__Fund purposes.__The department shall administer the fund to provide grants to community-based organizations to aid them in providing technical assistance, training and loans to microenterprises.

§13063-F.__Application process

1.__Process established.__The department shall adopt rules