§ 10 §1012 — Maine Natural Disaster Business Assistance Program

Maine § 10 §1012

• Jurisdiction: Maine
• Title 10: COMMERCE AND TRADE
• Part 2: BUILDING AND DEVELOPMENT
• Ch. 110: FINANCE AUTHORITY OF MAINE

Text

1.
Purpose.
The authority shall administer the Maine Natural Disaster Business Assistance Program for the purpose of providing assistance to businesses that are victims of natural disasters that have caused the State or portions of the State to be declared disaster areas by the President of the United States or the President's authorized representative.
2.
Eligibility.
Any eligible enterprise, as defined in section 963‑A, subsection 9, shall be eligible for financial assistance under the program provided that:
3.
Operation.
Financial assistance under the program shall be used for the purpose of assisting eligible enterprises in recovering from the effects of natural disasters. The program may be administered in conjunction with other programs of the authority. Money in the fund may be used:
4.
Criteria.
No financial assistance may be approved unless the authority determines that there is a reasonable likelihood that the applicant will be able to repay any loan made or secured under the program, that the applicant has demonstrated that it has insufficient access to other sources of funds and that the financial assistance is needed to assure the recovery of the applicant from the effects of the natural disaster. All applications must be received not later than June 30, 1987. The authority, by rules adopted in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, may establish temporary reservations for geographic areas of the State and may establish such other criteria as may be consistent with the purposes of the program.
5.
Limitations on financial assistance.
Financial assistance under this subchapter shall be subject to the following limitations.

Legislative History

PL 1987, c. 159, §1 (NEW). RR 2023, c. 2, Pt. C, §8 (COR).