| This bill establishes the State Revolving Loan Fund for Small |
| Business Initiatives within the Department of Economic and |
| Community Development. The fund is established initially as a |
| pilot project in Washington County and Hancock County to be |
| administered by the Eastern Maine Development Corporation. The |
| bill proposes to appropriate $2,100,000 from the General Fund as |
| initial funding, divided evenly between the counties. |
| Approximately $100,000 of the initial funding represents |
| anticipated administration charges for the first year to cover |
| the cost of lending. The bill establishes a maximum loan of |
| $175,000 that may be used for capital expenditures and training |
| expenses. It also establishes reporting deadlines and includes a |
| repeal provision. |
