WORKFORCE COMMITTEE RECOMMENDS SMALL BUSINESS JOBS BOND

Posted: March 03, 2014 | Front Page, Maine’s Workforce and Economic Future, Senator Valentino

AUGUSTA—On Monday, the Joint Select Committee on Maine’s Workforce and Economic Future gave strong bipartisan approval with a vote of 12 – 1* for a $73 million bond package supporting jobs in microbiology, marine resources, and technology.

“This jobs bond encourages, supports, and stimulates Maine’s economy and job growth,” said Democratic Senator Linda Valentino of Saco, the Senate Chair of the Workforce Committee. “We’ve heard from economic experts that investment in our innovators will lead directly to commercialization, job creation, and can help bolster Maine’s economic recovery.”

The package is the culmination of the committee’s work over the last eight months after hearing from leaders in the business and research and development communities. The focus of the package is to provide funding that small businesses and institutions will use specifically for job creation efforts.

“This bond proposal helps propel business toward near-term job creation. It’s just what the state needs as it continues to shake off the effects of the recession,” said House Majority Leader Seth Berry of Bowdoinham, the House Chair of the Workforce Committee. “Targeted, smart investment by the state can create good-paying jobs in 21st century fields that will keep our bright young people here at home, enlarge the markets for what we provide, and push Maine’s economy forward.”

The package includes:

  • $ 5 million for the FAME Loan Guarantee Program, which is expected to create or retain 1,935 jobs and has a performance leverage of 17 to 1, will spur investment and innovation;
  • $ 15 million for the FAME Regional Economic Development Revolving Loan Program, also known as the REDLIP Program, will be used for flexible loans to create jobs, revitalize downtowns, and strengthen Maine’s rural economy;
  • $ 10 million for the Maine Technology Asset Fund which will leverage matching funds on at least a one-to-one basis to promote research development, and commercialization for economic development and private sector job creation;
  • $ 8 million for a lab at the University of Maine Cooperative Extension to assist farmers and foresters improve plant, animal and human health;
  • $ 15 million for Jackson Laboratories for a new biometric analysis lab which will be matched by $16 million in private and public contributions. An investment in this area can make the state a global resources for precision medicine;
  • $ 5 million for a Mount Desert Island Biological Lab which will be matched by $9.5 million in private and public funds to increase biotechnology workforce training from 350 to 500 students per year
  • $ 15 million for a marine economy expansion

Since 2011, Maine has ranked  last in terms of private sector job growth and has recovered merely one-third of the jobs lost from the recession and

“As a former FAME board member, I know what a difference this could make for job creation. This type of investment can grow small businesses and our rural economies,” said Representative Joyce Maker of Calais.

A letter along with the bond measure will now be sent to the Appropriations and Financial Affairs Committee for review. That meeting has not yet been scheduled.

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* Rep. Timberlake voted against the measure and Rep. Grant and Rep. Bennett were both absent for today’s vote.