§ 10 §988-B — Natural resources capital investment program

Maine § 10 §988-B

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

Text

1.
Purpose.
The purpose of this section is to establish a program to provide assistance in the financing and development of natural resource projects designed to increase the State's capacity to produce, harvest, store, process, distribute, market and improve the quality of its natural resource products. The goal is to expand the opportunities for natural resource enterprises and promote the quality of Maine products nationally and internationally.
2.
Eligible projects.
To be eligible for assistance under the program, projects must be located in the State and must consist of the construction, renovation or acquisition of land, buildings, equipment, docks, wharves, piers or vessels used in connection with a commercial natural resource enterprise, as that term is defined in section 963‑A, subsection 41. Financing assistance may be provided with respect to the soft costs associated with eligible projects, but not for working capital.
3.
Eligible borrowers.
Eligible borrowers shall include profit and nonprofit businesses, producer groups, cooperatives and governmental entities.
4.
Assistance provided.
The authority is authorized to provide assistance in the form of direct loans or security for commercial loans or equity investments, subject to the following limitations.

Legislative History

PL 1989, c. 552, §12 (NEW).