Current as of: 2010 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) .________________________________________________________________________
Questions & Answers: Economic DevelopmentMaine Laws: Economic DevelopmentU.S. Code Provisions: Economic DevelopmentFederal Regulations: Economic Development
 |
Email
Print