SMALL BUSINESS BOND APPROVED IN SENATE

Posted: May 01, 2014 | Front Page, Maine’s Workforce and Economic Future, Senator Valentino

Provides $12 million through FAME for small biz to expand

 

AUGUSTA – Today, in a 31-4  vote the Senate overrode Governor LePage’s veto of a small business bond to help small and mid-size businesses expand and create jobs.



“There is a direct connection between this bill and getting Mainers working again and our economy growing,” said Senator Linda Valentino of Saco, the Senate Chair of the Workforce Committee, which recommended the bond. “This small business bond will give a boost to Maine’s entrepreneurs and strengthen Maine’s competitive advantage.”



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 veto of the bill will now be sent to the House, which previously approved the bond in a 123-23 vote.

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