Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 311 - ECONOMIC RECOVERY PROGRAM
Section 457-311-3 - Eligibility
Current through 2024-13, March 27, 2024
To be eligible for financial assistance under the program, a borrower must demonstrate each of the following:
A. The business receiving assistance is a manufacturing, industrial, recreational or natural resource enterprise.
B. The business receiving assistance must be located within the State.
C. The business receiving assistance must provide significant public benefit to the State in relation to the amount of the financial assistance. Public benefits include, but are not limited to, preservation of jobs, increased opportunities for employment, increased capital flows, particularly capital flowing in from outside the State, and increased state and municipal tax revenues.
D. The business is creditworthy and reasonably likely to repay its obligations, including the proposed loan.
E. The business receiving assistance is a for-profit or nonprofit commercial entity.
F. The business has obtained funds from all other reasonably available sources of capital, which shall include, but not be limited to loans from financial institutions, the resources of the borrower and the personal resources of the owner of the borrower which in the case of a corporation or partnership includes the personal resources of any individual with a 50% or greater ownership interest.
G. The borrower and the business have insufficient access to other funds.
H. The public benefits to be obtained by making the financial assistance available will not be realized in the absence of receipt of the loan.
