10 §381. Small Enterprise Growth Program established
§381. Small Enterprise Growth Program established There is established the Small Enterprise Growth Program. [PL 1995, c. 699, §3 (NEW).] SECTION HISTORY PL 1995, c. 699, §3 (NEW).
10 §382. Definitions
§382. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1995, c. 699, §3 (NEW).] 1. Board. “Board” means the Small Enterprise Growth Board. [PL 1995, c. 699, §3 (NEW).] 2. Fund. “Fund” means the Small Enterprise Growth Fund. [PL 1995, c. […]
10 §383. Program funds established
§383. Program funds established 1. Creation of fund. There is established the Small Enterprise Growth Fund, which is a revolving fund used to provide funding for disbursements to qualifying small businesses in the State seeking to pursue an eligible project. The fund must be deposited with and maintained and administered by the Finance Authority of […]
10 §384. Board
§384. Board 1. Establishment; membership. There is established as a body corporate and politic and a public instrumentality of the State the Small Enterprise Growth Board, which consists of 11 members appointed by the Governor as follows: A. An experienced commercial lender; [PL 1995, c. 699, §3 (NEW).] B. An attorney with knowledge […]
10 §385. Duties of board
§385. Duties of board The board has the following powers and duties. [PL 1995, c. 699, §3 (NEW).] 1. Receipt of money and property. The board may accept and receive gifts, grants, investments, bequests or devises from any source, including funds from the Federal Government or any subdivision of the Federal Government. [PL […]
10 §386. Eligible projects
§386. Eligible projects 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 […]
10 §387. Review of applications
§387. Review of applications In order to effectively review and process applications under the program, the board may delegate the authority to deny applications for disbursements from the fund to one or more subcommittees of the members. Such delegation may provide that the action of the subcommittee constitutes final agency action. The board may delegate […]
10 §388. Financing terms and conditions
§388. Financing terms and conditions Disbursements may be made from program funds under the following terms and conditions. [PL 1995, c. 699, §3 (NEW).] 1. Disbursements. Initial disbursements may not exceed $500,000 to a qualifying venture fund or qualifying small business, including an affiliated entity. An initial disbursement plus any subsequent disbursements in the […]
10 §389. Cooperation and coordination
§389. Cooperation and coordination The University of Maine System, the Small Business Development Center Program, the Maine International Trade Center and the Maine Technology Institute shall provide such support and assistance as the board may request, within the expertise of each. [PL 2021, c. 502, §8 (AMD).] SECTION HISTORY PL 1995, c. 699, §3 […]
10 §390. Conflicts of interest
§390. Conflicts of interest Notwithstanding Title 5, section 18, subsection 1, paragraph B, each member of the board, and each employee, contractor, agent or other representative of the board is deemed an “executive employee” solely for purposes of Title 5, section 18, and for no other purpose. Title 17, section 3104 does not apply to […]
10 §391. Disclosure and confidentiality of records
§391. Disclosure and confidentiality of records 1. Disclosure required. Notwithstanding subsections 2 and 3, and except as provided in subsection 2, paragraph F, the board shall make available the following records, either to any person upon a request that reasonably describes the records to which access is sought or, if no request is made, in […]
10 §392. Governmental function
§392. Governmental function The board shall administer and exercise the authority granted to it by this chapter. The carrying out of its powers and duties is considered the performance of an essential governmental function. [PL 1995, c. 699, §3 (NEW).] SECTION HISTORY PL 1995, c. 699, §3 (NEW).