Maine Revised Statutes Title 10 Sec. 386 – Eligible projects
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A qualifying venture fund or a qualifying small business may be eligible to receive financial assistance under the program. In order to be eligible for financial assistance under the program, a qualifying venture fund must meet the requirements of section 383, subsection 1?B. In order to be eligible for financial assistance under the program, a qualifying small business must meet the following criteria. [PL 2021, c. 502, §6 (AMD).]
1. Engagement; involvement. The qualifying small business must be engaged in or involve at least one of the following:
A. Marine science; [PL 1995, c. 699, §3 (NEW).]
B. Biotechnology; [PL 1995, c. 699, §3 (NEW).]
C. Manufacturing; [PL 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; [PL 1995, c. 699, §3 (NEW).]
E. Software development; [PL 1995, c. 699, §3 (NEW).]
F. Provision or development of environmental services or technologies; [PL 1995, c. 699, §3 (NEW).]
G. Provision or development of financial or insurance products or services; [PL 1995, c. 699, §3 (NEW).]
H. Production of value-added goods from natural resources; or [PL 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. [PL 1995, c. 699, §3 (NEW).]
[PL 1995, c. 699, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 386
- Board: means the Small Enterprise Growth Board. See Maine Revised Statutes Title 10 Sec. 382
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fund: means the Small Enterprise Growth Fund. See Maine Revised Statutes Title 10 Sec. 382
- Program: means the Small Enterprise Growth Program, which encompasses the Small Enterprise Growth Fund and any side fund created by the board. See Maine Revised Statutes Title 10 Sec. 382
- Qualifying small business: means , for the purpose of an initial disbursement by the board under section 388, a business employing 50 or fewer employees or having gross sales not exceeding $5,000,000 within the most recent 12 months for which financial statements are available. See Maine Revised Statutes Title 10 Sec. 382
- Qualifying venture fund: means a venture capital fund that is managed by an entity other than the board and that the board finds demonstrates the potential to contribute venture capital funding in a manner that promotes economic growth in the State. See Maine Revised Statutes Title 10 Sec. 382
2. Growth; public benefit. The qualifying small business must demonstrate the potential for high growth and public benefit.
[PL 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; [PL 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 [PL 1995, c. 699, §3 (NEW).]
C. [PL 1999, c. 504, §5 (RP).]
[PL 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.
[PL 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. [PL 1995, c. 699, §3 (NEW).]
SECTION HISTORY
PL 1995, c. 699, §3 (NEW). PL 1999, c. 504, §5 (AMD). PL 2021, c. 502, §6 (AMD).