Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 309 - WASTE REDUCTION AND RECYCLING LOAN FUND PROGRAM
Section 457-309-4 - Application Procedure

Universal Citation: 94 ME Code Rules ยง 457-309-4

Current through 2024-38, September 18, 2024

A. The borrower shall complete and return to the Authority a Waste Reduction and Recycling Loan Fund application, including supporting schedules. No application will be approved unless the Chief Executive Officer determines that the application is complete, and the borrower is eligible.

B. The Authority will determine the financial viability of the applicant.

C. The Authority will approve or deny applications from eligible borrowers based on the following:

1 The economic feasibility of the proposal.

2 The adequacy of security offered as collateral.

3 Borrower's ability to repay the loan based on financial status and collateral offered, as determined by the Authority.

D. The Authority will issue a commitment for financing to all approved applicants for which there are sufficient funds to complete the loan.

E. The Authority may approve an application pending receipt of sufficient funds to provide the approved financial assistance.

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