Section 248-101-I - DefinitionsA. Agricultural enterprises. "Agricultural enterprise" mans a business which has its principal source of revenue the cultivation of the soil, the producing of crops or the raising of livestock, or their by-products.A-1. Entrant to farming. "Entrant to farming" means a person operating an agricultural enterprise who (1) is less than 35 years old, or (2) has less than six years of experience operating an agricultural enterprise as a sole proprietor or majority shareholder or partner with a controlling interest, or (3) has less than $100,000 in assets exclusive of personal residence and in the most recent fiscal year, had less than $40,000 in agricultural income (or) means a corporation or partnership in which an owner of an agricultural enterprise who meets one of the previous three criteria has an ownership interest of at least 20%.B. Loan for agricultural purposes. "Loan for agricultural purposes" means a loan made to an agricultural enterprise for the purposes of obtaining production inputs, labor, veterinarian services and similar elements necessary to the operation of the enterprise. Such loans are also known as "operating loans."C. Participation amount. "Participation amount" means that portion of the principal of a loan made under this rule, which is supported by a related investment of State funds, where the loan principal is greater than the supporting investment.D. Qualified loan. "Qualified loan" means a loan made by a financial institution, which meets the criteria established by 5 M.R.S.A Section135 and this rule, for which the Treasurer may make a supporting investment equal to the loan principal or to the participation amount.E. Financial institution. "Financial institution" means any bank, trust company, national association, savings bank, savings and loan association, federal savings and loan association, Agricultural Credit Association, or any state or federal agency which provides or may provide loans to agricultural enterprises for agricultural purposes.F. State funds. "State funds" means only the $4,000,000 authorized for investment at a reduced rate of return under this program.G. Authority. "Authority" means the Finance Authority of Maine.28-248 C.M.R. ch. 101, § I