Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 301 - MAINE JOB-START PROGRAM
Section 457-301-7 - Criteria and Considerations
Current through 2024-13, March 27, 2024
The following shall be considered by the Advisory Board in recommending approval or rejection of an application for a loan, and by the Authority in approving or rejecting a loan:
A. Whether the application is complete and the applicant has supplied all information necessary for review and analysis of the application.
B. Whether the applicant is eligible for the loan.
C. The extent to which the applicant demonstrates need for the loan and lack of access to conventional sources of credit.
D. The economic feasibility of the business as evidenced by the applicant's present and past financial situation and business experience and the general reasonableness of the business proposal and financial projections for the future.
E. The applicant's credit-worthiness, taking into account the scope of the job-start program and the targeted applicant pool.
F. Whether the applicant has sufficient capital and other resources to conduct the business as planned.
G. Whether an adequate market analysis or other counseling requirement has been completed.
H. Whether the applicant is offering security for the loan and whether the security is adequate.
I. The extent to which the risk of financial loss is shared by others.
J. The viability of the industry of which the enterprise is a part and the contribution of the enterprise to that industry.
K. The extent to which the projected annual gross income of the business contributes to the total income of the applicant. Part-time business endeavors will receive equal consideration.
L. The impact of the business on the applicant and his dependents, the community and the region served by the community action agency, including the extent to which the business contributes to:
