§ 10 §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 the program, a qualifying small business must meet the following criteria.
1.
Engagement; involvement.
The qualifying small business must be engaged in or involve at least one of the following:
2.
Growth; public benefit.
The qualifying small business must demonstrate the potential for high growth and public benefit.
3.
Need for assistance.
The qualifying small business must provide evidence of each of the following:
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.
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.

Legislative History

PL 1995, c. 699, §3 (NEW). PL 1999, c. 504, §5 (AMD). PL 2021, c. 502, §6 (AMD).