Code of Maine Rules
12 - DEPARTMENT OF LABOR
168 - DEPARTMENT OF LABOR - GENERAL
Chapter 11 - RULES OF THE ENTERPRISE OPTION PROGRAM
Section 168-11-5 - Program participation requirements

Universal Citation: 12 ME Code Rules ยง 168-11-5

Current through 2024-38, September 18, 2024

To be eligible for continued participation in the MEO, participants shall meet the following requirements:

A. Attend an MEO approved "Introduction to Business" Seminar, as scheduled, after acceptance into the MEO. The introductory seminar is a three to five hour session that provides technical assistance and information on developing a business plan and information and referral to additional business assistance resources. As a minimum, this seminar shall cover the following topics: Developing a Business Mind Set - personal qualities required for business, personal financial requirements, setting long and short term goals for business; Forms of Business Organization - sole proprietorship, partnership, corporation; Overview and Review of the Business Plan - ­contents and purpose; Resources and Information on getting started -- next steps.

(1) If a participant does not attend an "Introduction to Business" Seminar as scheduled, he or she will be subject to possible denial of a self-employment assistance allowance for the week in which the Seminar was scheduled. If a participant fails to attend a second Seminar as scheduled, he or she will be subject to possible termination from the MEO; and

B. Meet at least two times with a qualified business counselor during the course of participation in MEO. Participants must meet initially within six weeks of acceptance into the program. This initial meeting is intended to assist MEO participants in setting out a "plan of action" for their self-employment assistance activities, and to guide the participant in developing a written business plan that includes at a minimum: Statement of purpose or mission; Business description; Marketing plan; One year cash flow projections; Operations plan.

(1) If the participant is unable to meet with a qualified business counselor within six weeks of acceptance, after having made a good faith effort to do so, and such failure to meet was due to factors beyond the participant's control, such failure shall not subject the participant to possible termination from the MEO; and

C. Participate in approved training as described in section 1(I). Attendance at training must be verified in writing by the instructor, the responsible training coordinator/attendant if training is delivered via ITV (Interactive television), or by the Local Enterprise Coordinator if training is received through self-directed video or other electronic delivery system; and

(1) If a participant does not attend a Business Training class as scheduled, he or she will be subject to possible denial of self-employment assistance allowance for the week in which the class was scheduled. If a participant fails to attend a second class as scheduled, he or she will be subject to possible termination from the MEO; and

NOTE: Business training for MEO participants should contain the following objectives and topic areas:

Marketing - how to develop a marketing plan, completion of first draft of a marketing plan

Personal Effectiveness and Selling - understanding the importance of effective selling and the key factors involved in selling; improving personal effectiveness, sustaining motivation and a positive outlook

Cash Flow Projections and Financial Statements - learning how to determine start-up capital needs, break even point, understanding financial terminology and evaluating financial return and feasibility

Financing - Examining sources of financing, understanding lending requirements and the relationship of business planning to financing

Record Keeping and Taxes - Understanding fundamentals of record keeping, establishing initial accounting system, understanding the types of taxes that pertain to small business

Legal and Insurance Issues - Understanding legal requirements for establishing a business, criteria for selecting legal forms of business ownership, understanding areas of liability and risk, developing an awareness of insurance requirements, understanding contracts

D. Participate in a periodic eligibility review process as scheduled by the Review Board. The purpose of the review is to assess progress towards business start-up and compliance with self-employment assistance activities and other MEO requirements; and

E. Demonstrate progress towards business start-up. Benchmarks indicative of progress include but are not limited to: established business bank account, developed record-keeping system, acquired necessary equipment, supplies or inventory, developed promotional materials, developed a written business plan, including financial projections, cash flow, break even analysis, profit and loss and balance sheet statements, established pricing structure, provided for insurance and other liability issues.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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