Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM
Section 457-314-5 - Applicant Eligibility (for other than direct loans to borrowers)
Current through 2024-13, March 27, 2024
In order to approve an application, the Chief Executive Officer must determine that the applicant, either independently or with the assistance of an advisory board or committee or by contract with appropriate agencies, organizations or individuals:
A. for disbursements not to be used for quality child care projects, is capable of providing financial assistance to businesses in order to create and protect jobs;
B. is able to prudently and effectively administer a direct loan fund;
C. is able to coordinate with other business assistance, employment training and social assistance programs;
D. for disbursements not to be used for quality child care projects, has a strategy for the creation and retention of jobs and, if applicable, a strategy for real estate development including commercial, mixed-use real estate and community facilities;
E. for disbursements not to be used for quality child care projects, has an effective small business marketing and technical assistance plan;
F. has enough expert assistance available to it to underwrite, document and service and collect loans and assist its clients; and
G. can provide funds from other sources in the amounts required pursuant to Section 8(B).
