Section 592-701-4 - ELIGIBILITYA qualifying venture fund or a qualifying small business may be eligible to receive financial assistance under the program. In order to be eligible for financial assistance, a qualifying venture fund must invest a portion of the money in companies based in Maine that employ fifty or fewer employees or have gross sales not exceeding $5,000,000 within the most recent twelve months for which financial statements are available.
In order to be eligible for financial assistance, a qualifying small business must meet each of the criteria in A-C below:
A. Must be engaged in or involve at least one of the following:4. Export of goods or services to locations outside the State or activities that result in significant amounts of capital being imported into the State6. Provision or development of environmental services or technologies7. Provision or development of financial or insurance products or services8. Production of value-added goods from natural resources9. 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.B. The qualifying small business must demonstrate that it has the potential for high growth and that it will provide public benefit.C. The qualifying small business must provide evidence of its need for financial assistance from the fund to realize its projected growth and achievement of public benefit.95-592 C.M.R. ch. 701, § 4