Section 457-301-1 - Defined TermsThe following terms, some of which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. Section961 et seq., (the "Act") , shall have the following meanings in this rule:
A. "Advisory Board" means the job-start Advisory Board appointed by the Board of Directors of each community action agency or by the Boards of Directors of community action agencies which have jointly contracted with the Authority to administer a combined job-start program.B. "Authority" means the Finance Authority of Maine (Act Section 963). B.1. "Business Support Group" means a self-selected group of no less than five individuals, corporations or partnerships having community or other common ties demonstrating a common mission or purpose who are hopeful of starting or expanding separate businesses, and meet the eligibility requirements set forth in Section 4 of this rule, which group has been approved by the Authority and by the community action agency in whose area it exists. B.2. "Business Support Group Leader" means a leader elected by a business support group from among its members to convene periodic meetings, maintain a loan register, facilitate payments due to the Authority and perform other tasks as necessary and directed by the business support group in accordance with and in furtherance of the job-start program. C. "Chief Executive Officer" means the Authority's chief executive officer or any person acting under the supervision of the chief executive officer, unless a community action agency is to administer the Maine Job Start Program and control a portion of the job start revolving loan fund, in which case it means the community action agency's chief executive officer or any person acting under the supervision of the chief executive officer of the community action agency.D. "Commitment" means a letter from the Authority, or in the event that the community action agency is to administer the Maine Job Start Program and control a portion of the job start revolving loan fund, then from the community action agency, to an applicant signed by the chief executive officer to make a loan to the applicant on the terms and conditions and subject to the requirements stated therein.E. "Community Action Agency" means a local community action agency established under 22 M.R.S.A. Chapter 1477, or a combination of community action agencies which have jointly agreed to contract with the Authority to administer a combined job-start program.F. "Contract" means a contract between the Authority and a community action agency for participation in the jobstart program, in a form prescribed by the Authority.G. "Coordinator" means the coordinator appointed by each contracting community action agency to administer the job-start program in that region.H. "Eligible Applicant" means an applicant who meets the eligibility requirements set forth in Section 4 of this rule.I. "Gross Income" of an applicant means the aggregate of all income of the applicant and his or her spouse and dependents in the twelve month period prior to the application, from any and all sources, excluding foodstamps and fuel assistance, whether or not taxable, less the reasonable costs and expenses of producing that income, as approved by the Authority.J. "Household" means the applicant and his or her spouse and dependents.K. "Net Worth" of the applicant means, in the case of individuals, the total value of the equity of the applicant, his or her spouse, dependents and other household members in all real and personal property, excluding the applicant's principal residence and any non-liquid assets intended to be used in the business for which the job-start loan is sought, and also excluding such other items as the Authority may approve consistent with the purposes of the job-start program. In the case of a corporation or partnership, net worth shall be defined in accordance with generally accepted accounting principles, provided that the Authority may exclude such non-liquid assets as it may deem fair and reasonable consistent with the purposes of the job-start program.94-457 C.M.R. ch. 301, § 1