Maine Revised Statutes

§386. Eligible projects

In order for a qualifying small business to be eligible for financial assistance under the program, the following criteria must be met. [1995, c. 699, §3 (NEW).]

1. Engagement; involvement.  The qualifying small business must be engaged in or involve at least one of the following:
A. Marine science; [1995, c. 699, §3 (NEW).]
B. Biotechnology; [1995, c. 699, §3 (NEW).]
C. Manufacturing; [1995, c. 699, §3 (NEW).]
D. Export of goods or services to locations outside the State or activities that result in significant amounts of capital being imported into the State; [1995, c. 699, §3 (NEW).]
E. Software development; [1995, c. 699, §3 (NEW).]
F. Provision or development of environmental services or technologies; [1995, c. 699, §3 (NEW).]
G. Provision or development of financial or insurance products or services; [1995, c. 699, §3 (NEW).]
H. Production of value-added goods from natural resources; or [1995, c. 699, §3 (NEW).]
I. Other enterprises that the board determines will further the purposes and intent of the program, including, but not limited to, retail sales, tourism and agricultural production. [1995, c. 699, §3 (NEW).]
[ 1995, c. 699, §3 (NEW) .]
2. Growth; public benefit.  The qualifying small business must demonstrate the potential for high growth and public benefit.
[ 1995, c. 699, §3 (NEW) .]
3. Need for assistance.  The qualifying small business must provide evidence of each of the following:
A. Commitment of all reasonably available resources to the project; [1995, c. 699, §3 (NEW).]
B. A need for financial assistance from the fund to realize its projected growth and achievement of public benefits; and [1995, c. 699, §3 (NEW).]
C. [1999, c. 504, §5 (RP).]
[ 1999, c. 504, §5 (AMD) .]
4. Financing plan.  The qualifying small business must submit a financing plan as part of an overall business plan. The proposed financing plan must include adequate mechanisms to monitor the accomplishment of the business plan as proposed.
[ 1995, c. 699, §3 (NEW) .]

The disbursement may not be used to make distributions to or for the benefit of an owner of the business borrowing from the fund or a related entity. [1995, c. 699, §3 (NEW).]

SECTION HISTORY
1995, c. 699, §3 (NEW). 1999, c. 504, §5 (AMD).