§386. Eligible projects

In order for a qualifying small business to be eligible for financial assistance under the program, the following criteria must be met.   [PL 1995, c. 699, §3 (NEW).]

1.  Engagement; involvement.  The qualifying small business must be engaged in or involve at least one of the following:

A. Marine science;   [PL 1995, c. 699, §3 (NEW).]

B. Biotechnology;   [PL 1995, c. 699, §3 (NEW).]

C. Manufacturing;   [PL 1995, c. 699, §3 (NEW).]

D. Export of goods or services to locations outside the State or activities that result in significant amounts of capital being imported into the State;   [PL 1995, c. 699, §3 (NEW).]

E. Software development;   [PL 1995, c. 699, §3 (NEW).]

F. Provision or development of environmental services or technologies;   [PL 1995, c. 699, §3 (NEW).]

G. Provision or development of financial or insurance products or services;   [PL 1995, c. 699, §3 (NEW).]

H. Production of value-added goods from natural resources; or   [PL 1995, c. 699, §3 (NEW).]

I. Other enterprises that the board determines will further the purposes and intent of the program, including, but not limited to, retail sales, tourism and agricultural production.   [PL 1995, c. 699, §3 (NEW).]

[PL 1995, c. 699, §3 (NEW).]

2.  Growth; public benefit.  The qualifying small business must demonstrate the potential for high growth and public benefit.

[PL 1995, c. 699, §3 (NEW).]

3.  Need for assistance.  The qualifying small business must provide evidence of each of the following:

A. Commitment of all reasonably available resources to the project;   [PL 1995, c. 699, §3 (NEW).]

B. A need for financial assistance from the fund to realize its projected growth and achievement of public benefits; and   [PL 1995, c. 699, §3 (NEW).]

C.   [PL 1999, c. 504, §5 (RP).]

[PL 1999, c. 504, §5 (AMD).]

4.  Financing plan.  The qualifying small business must submit a financing plan as part of an overall business plan. The proposed financing plan must include adequate mechanisms to monitor the accomplishment of the business plan as proposed.

[PL 1995, c. 699, §3 (NEW).]

The disbursement may not be used to make distributions to or for the benefit of an owner of the business borrowing from the fund or a related entity.   [PL 1995, c. 699, §3 (NEW).]

SECTION HISTORY

PL 1995, c. 699, §3 (NEW). PL 1999, c. 504, §5 (AMD).