Section 248-102-II - EligibilityAn investment under this rule may be made only to support a loan to a commercial enterprise which meets the following criteria:
A. Is a for-profit business located in the State;B. Has 20 or fewer employees or annual sales of less than $2,500,000;C.1. Makes at least 70% of its sales of services or products out of State; provided that a business predominantly involved in bringing products into the State and then selling the same products outside the State, such as distributors, are not eligible; or 2 is a manufacturer as defined by this rule;D. Is at least 50% owned and operated by Maine residents or by one or more corporations which are at least 50% owned and operated by Maine residents;E. Will create or retain at least one job for each $20,000 of deposited funds; andF. Will use the loan proceeds only for acquisition of or improvements to real property or fixed assets, research and development or working capital. Other uses may be approved by the Treasurer on a case by case basis provided that the use will strengthen or expand the business and will be consistent with the purposes of the program.G. The State funds attributable to a particular loan may be invested for a period which commences after the origination date of the qualified loan, but may not be invested for a period longer than the lesser of 1) one year or 2) the term of the qualified loan. Participation in this program by a commercial enterprise is limited to two investment periods of 12 months each or an aggregate of 24 months.
28- 248 C.M.R. ch. 102, § II