An Act To Modify the Regional Economic Development Revolving Loan Program
Sec. 1. 10 MRSA §1026-A, sub-§5, as enacted by PL 2003, c. 537, §30 and affected by §53, is amended to read:
Sec. 2. 10 MRSA §1026-M, sub-§3, as amended by PL 2001, c. 639, §1, is further amended to read:
A corporation may not receive more than $2,500,000 $3,500,000 from the fund. Funds must be disbursed directly to and retained by the eligible corporation in accordance with the contract between the corporation and the authority. Funds must be disbursed to the corporation in the form of a loan or a grant. The authority may, in its discretion, disburse fund amounts in one lump sum or periodic disbursements.
Sec. 3. 10 MRSA §1026-M, sub-§4, ¶B, as enacted by PL 1993, c. 722, Pt. C, §1 and affected by §2, is amended to read:
Sec. 4. 10 MRSA §1026-M, sub-§6, ¶A, as amended by PL 1999, c. 401, Pt. OOO, §2, is further amended to read:
Sec. 5. 10 MRSA §1026-M, sub-§6, ¶B, as amended by PL 2003, c. 195, §1, is further amended to read:
Sec. 6. 10 MRSA §1026-M, sub-§7, ¶A, as amended by PL 1999, c. 401, Pt. OOO, §3, is further amended to read:
(1) Advanced manufacturing Manufacturing technologies, such as value-added wood products and , specialty fabricated metal and electronic products , precision manufacturing and use of composites or advanced materials;
(2) Advanced information system technologies Technologies, such as advanced information systems, advanced telecommunications , energy and environmental products and services;
(3) Advanced biological and Biological and natural resource technologies, such as aquaculture, marine technology, agriculture , forestry products and biotechnology;
(4) A business converting from defense dependency;
(5) A business significantly engaged in export of goods or services to locations outside the State;
(6) A business that dedicates significant resources to research and development activities;
(7) Other businesses with 5 10 or fewer employees; and
(8) A child care project that includes any business that, for compensation, provides a regular service of care and protection for any part of a day less than 24 hours to a child or children under 16 years of age whose parents work outside the home, attend an educational program or are otherwise unable to care for their children.
Notwithstanding the requirements of this paragraph, until June 30, 2010, a project or a borrower that is eligible for loan insurance under section 1026-A is eligible for financial assistance under the program.
summary
This bill amends certain provisions of the Regional Economic Development Revolving Loan Program under the Finance Authority of Maine.
1. Current law provides that a corporation may not receive more than $2,500,000 from the program fund. This bill increases that amount to $3,500,000.
2. Current law provides that a financial assistance application determination is final in the case of loans under $100,000. This bill increases that amount to $150,000.
3. Current law specifies financing terms and conditions for loans made from program funds. This bill amends certain of those provisions.
4. This bill amends the descriptions of eligible projects, and expands eligibility to entities until June 30, 2010.
5. Current law specifies that a business with 5 or fewer employees may be eligible for financial assistance under the program. This bill increases the number of employees to 10 or fewer.