Section 386 - Eligible projectsA 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 under the program, a qualifying venture fund must meet the requirements of section 383, subsection 1-B. In order to be eligible for financial assistance under the program, a qualifying small business must meet the following criteria. [2021, c. 502, §6(AMD).]
1.Engagement; involvement. The qualifying small business must be engaged in or involve at least one of the following:A. Marine science; [1995, c. 699, §3(NEW).]B. Biotechnology; [1995, c. 699, §3(NEW).]C. Manufacturing; [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; [1995, c. 699, §3(NEW).]E. Software development; [1995, c. 699, §3(NEW).]F. Provision or development of environmental services or technologies; [1995, c. 699, §3(NEW).]G. Provision or development of financial or insurance products or services; [1995, c. 699, §3(NEW).]H. Production of value-added goods from natural resources; or [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. [1995, c. 699, §3(NEW).] [1995, c. 699, §3(NEW).]
2.Growth; public benefit. The qualifying small business must demonstrate the potential for high growth and public benefit. [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; [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 [1995, c. 699, §3(NEW).]C. [1999, c. 504, §5(RP).] [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. [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. [1995, c. 699, §3(NEW).]
Amended by 2022, c. 502,§ 6, eff. 8/8/2022.1995, c. 699, § 3 (NEW) . 1999, c. 504, § 5 (AMD) .