An Act To Extend a Deadline under the Regional Economic Development Revolving Loan Program
Maine Legislature, Session 125, LD 0575
Committee: Labor, Commerce, Research and Economic Development
Sponsors: RECTOR, PRESCOTT, JACKSON, MARTIN, HERBIG, HUNT, NEWENDYKE, TUTTLE, VOLK, WINTLE
Amends: 10 MRSA §1026-M

Legislative Document 
No. 575 
S.P. 167 
In Senate, February 15, 2011 
An Act To Extend a Deadline under the Regional Economic 
Development Revolving Loan Program 
(EMERGENCY) 
Submitted by the Finance Authority of Maine pursuant to Joint Rule 204. 
Reference to the Committee on Labor, Commerce, Research and Economic Development 
suggested and ordered printed. 
JOSEPH G. CARLETON, JR. 
Secretary of the Senate 
Presented by Senator RECTOR of Knox. 
Cosponsored by Representative PRESCOTT of Topsham and 
Senators: JACKSON of Aroostook, MARTIN of Kennebec, Representatives: HERBIG of 
Belfast, HUNT of Buxton, NEWENDYKE of Litchfield, TUTTLE of Sanford, VOLK of 
Scarborough, WINTLE of Garland. 
Emergency preamble. Whereas, acts and resolves of the Legislature do not 
become effective until 90 days after adjournment unless enacted as emergencies; and 
Whereas, the Regional Economic Development Revolving Loan Program was 
established in 1993 to provide financial assistance to Maine businesses in order to create 
and retain jobs and is essential to the future economic growth and prosperity of Maine; 
and 
Whereas, the date until which entities eligible for loan insurance may be eligible for 
financial assistance under the Finance Authority of Maine's Regional Economic 
Development Revolving Loan Program has passed; and 
Whereas, it is imperative to extend that date to continue to meet the financial needs 
of Maine businesses; and 
Whereas, in the judgment of the Legislature, these facts create an emergency within 
the meaning of the Constitution of Maine and require the following legislation as 
immediately necessary for the preservation of the public peace, health and safety; now, 
therefore, 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  10 MRSA §1026-M, sub-§7, ¶A, as amended by PL 2009, c. 131, §6, is 
further amended to read: 
A.  The business for which funds are requested has 50 or fewer employees or annual 
sales of $5,000,000 or less, and it consists of or involves at least one of the following: 
(1)  Manufacturing technologies, such as value-added wood products, specialty 
fabricated metal and electronic products, precision manufacturing and use of 
composites or advanced materials; 
(2)  Technologies, such as advanced information systems, advanced 
telecommunications, energy and environmental products and services; 
(3)  Biological and natural resource technologies, such as aquaculture, marine 
technology, agriculture, forestry products and biotechnology; 
(4)  A business converting from defense dependency; 
(5)  A business significantly engaged in export of goods or services to locations 
outside the State; 
(6)  A business that dedicates significant resources to research and development 
activities; 
(7)  Other businesses with 10 or fewer employees; and 
(8)  A child care project that includes any business that, for compensation, 
provides a regular service of care and protection for any part of a day less than 24 
hours to a child or children under 16 years of age whose parents work outside the 
home, attend an educational program or are otherwise unable to care for their 
children. 
Notwithstanding the requirements of this paragraph, until June 30, 2010 2012, a 
project or a borrower that is eligible for loan insurance under section 1026-A is 
eligible for financial assistance under the program. 
Emergency clause.  In view of the emergency cited in the preamble, this 
legislation takes effect when approved. 
SUMMARY 
The bill extends to June 30, 2012 the date until which entities eligible for loan 
insurance may be eligible for financial assistance under the Finance Authority of Maine's 
Regional Economic Development Revolving Loan Program.