Code of Maine Rules
95 - INDEPENDENT AGENCIES
592 - SMALL ENTERPRISE GROWTH BOARD
Chapter 701 - SMALL ENTERPRISE GROWTH PROGRAM
Section 592-701-2 - ADMINISTRATION
Current through 2024-13, March 27, 2024
A. The Board has the power to approve investments to qualifying small businesses from the Program Funds. The Board may not delegate the final authority to approve investments, but once having authorized a potential investment from the Program Funds within designated parameters approved by it, the Board may delegate to a subcommittee of the Board the authority to negotiate and agree to terms of the investment within those designated parameters.
B. The Board may delegate to one or more subcommittees the authority to review applications. The subcommittee may be given the authority to deny applications for investments. The Board may determine in advance that such a denial will be final agency action, not subject to appeal to the full Board.
C. The Board may create such other subcommittees as it may deem necessary for the administration of the Board's business.
D. The Board may enter into administrative contracts with one or more individuals or entities to perform the administrative functions necessary to the efficient conduct of the program and the administration of the Program Funds. Without limitation, services contracted for may include development of rules, procedures, documentation, financial reporting, publicity, analysis and recommendations with respect to applications received. The contracts may provide compensation for services rendered and reasonable expenses.
