§ 5 §13090-B — Economic Opportunity Program

Maine § 5 §13090-B

• Jurisdiction: Maine
• Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
• Part 18-A: ECONOMIC AND COMMUNITY DEVELOPMENT

Text

The Economic Opportunity Program, referred in this section as the "program," is established to provide grants to municipalities for public and private investments to stimulate economic growth.
1.
Eligibility for loans.
Municipalities may apply to the department for grants under the program. Municipalities shall loan money from those grants to business entities based on the following eligibility criteria.
2.
Loan terms and conditions.
The department may establish prudent terms and conditions for loans, including limiting the amount of loans for any one project and requiring adequate collateral for the loans. Loan terms may not exceed 20 years for loans primarily secured by real estate, 10 years for loans secured primarily for machinery and equipment and 7 years for other loans. The interest rate charged on each loan must be determined on a case-by-case basis.
3.
Rulemaking.
The department shall establish rules to implement the program.
4.
Local and regional organizations.
5.
Nonprofit organizations.

Legislative History

PL 1991, c. 780, §N1 (NEW). PL 1995, c. 40, §1 (AMD). PL 1997, c. 590, §1 (AMD). PL 1999, c. 272, §2 (AMD).