10 §386. Eligible projects - Maine Statutes

Title 10: COMMERCE AND TRADE

Part 1: GENERAL PROVISIONS

Chapter 13: SMALL ENTERPRISE GROWTH PROGRAM HEADING: PL 1995, C. 699, §3 (NEW)

§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).