SMALL BUSINESS BOND APPROVED IN SENATE

Posted: April 17, 2014 | Front Page, Senator Valentino

Provides $12 million through FAME for small biz to expand

 

AUGUSTA – Today, in a 27-3 the Senate enacted a small business bond to help small and mid-size businesses expand and create jobs.

“This small business bond will give a boost to Maine’s entrepreneurs and strengthen Maine’s competitive advantage,” said Senator Linda Valentino of Saco, the Senate Chair of the Workforce Committee, which recommended the bond. “Helping our state’s small businesses get their product from lab to market will spur job growth and boost our state’s economic recovery.”

LD 1827 provides $12 million for small business loan programs through the Finance Authority of Maine.

The FAME Regional Economic Development Revolving Loan Program, also known as the REDLIP Program, will receive $8 million for flexible loans to create jobs, revitalize downtowns, and strengthen Maine’s rural economy, and the FAME Commercial Loan Insurance Program will receive $4 million to spur investment and innovation.

The bill will now be sent to Governor LePage for his signature and will then appear on the November ballot for voter approval.

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