CHAPTER 541
H.P. 1420 - L.D. 1868
An Act to Provide Enhancements to the Small Enterprise Growth Program
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §382, sub-§4, as amended by PL 1999, c. 504, §2, is further amended to read:
4. Qualifying small business. "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. For the purpose of a subsequent disbursement, "qualifying small business" means a business to which the board has previously made a disbursement and that, in the judgment of the board, evidences continued potential for high growth.
Sec. 2. 10 MRSA §388, sub-§1, as amended by PL 1999, c. 504, §6, is further amended to read:
1. Disbursements. Disbursements Initial disbursements may not exceed $500,000 to a qualifying small business, including an affiliated entity. An initial disbursement plus any subsequent disbursements in the aggregate to a qualifying small business may not exceed an amount equal to 10 percent of the capitalization of the fund from all appropriations received for application to the fund, plus any funds received from repayment, interest, royalties, equities or other interests in business enterprises, products or services to the extent the repayment, interest, royalties, equities or other interests are in excess of the amount initially invested in the business making the payments, plus interest accrued on the fund balance and other funds received by the board to be applied to the fund. The Finance Authority of Maine board shall report annually by December 20th of each year to the joint standing committee of the Legislature having jurisdiction over business and economic development matters on all disbursements made under this subsection.
Effective July 25, 2002, unless otherwise indicated.
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