CHAPTER 195
H.P. 914 - L.D. 1240
An Act To Amend the Regional Economic Development Revolving Loan Program
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Regional Economic Development Revolving Loan Program provides much-needed loans to eligible borrowers for the purpose of creating or retaining jobs in this State; and
Whereas, this legislation increases the availability of such loans to small businesses by reducing the required match of funds for loans of $50,000 or less; and
Whereas, in order to stimulate economic development in the State as quickly as possible, it is necessary to expedite the ability to provide such loans; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1026-M, sub-§6, ¶B, as amended by PL 1999, c. 401, Pt. OOO, §2, is further amended to read:
B. Loans over $50,000 for borrowers other than quality child care projects may not exceed 1/3 of the net new funds being provided to a borrower. Loans of $50,000 or less for projects other than quality child care projects may not exceed 1/2 of the net new funds being provided to a borrower. Loans for quality child care projects may be for the total amount of new funds being provided to the borrower.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective May 16, 2003.
| Revisor of Statutes Homepage | Subject Index | Search | 121st Laws of Maine | Maine Legislature |
