An Act To Support Statewide Economic Recovery through Strategic Investments
Maine Legislature, Session 130, LD 1793
Committee: Innovation, Development, Economic Advancement and Business
Sponsors: ROBERTS, CURRY, DUCHARME
Amends: 5 MRSA §13056-H

Legislative Document
No. 1793
H.P. 1334
House of Representatives, December 9, 2021
An Act To Support Statewide Economic Recovery through Strategic 
Investments
Submitted by the Department of Economic and Community Development pursuant to Joint 
Rule 203.
Received by the Clerk of the House on December 7, 2021.  Referred to the Committee on 
Innovation, Development, Economic Advancement and Business pursuant to Joint Rule 308.2 
and ordered printed pursuant to Joint Rule 401.
ROBERT B. HUNT
Clerk
Presented by Representative ROBERTS of South Berwick.
Cosponsored by Senator CURRY of Waldo and
Representative: DUCHARME of Madison.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  5 MRSA §13056-H, as enacted by PL 2019, c. 343, Pt. TTTT, §1, is repealed 
and the following enacted in its place:
§13056-H.  Maine Economic Development Fund
1.  Establishment; purposes. The Maine Economic Development Fund is established 
as a nonlapsing fund within the department to encourage and support economic and 
business growth, rural manufacturing and industrial site redevelopment and 
implementation of a strategic plan.
2.  Fiscal agent and duties. The department is the fiscal agent of the State for all funds 
appropriated or allocated to the Maine Economic Development Fund. Fiscal duties include 
the disbursement of funds through grants to private companies for the purposes identified 
in subsection 1. Other duties include the accounting, evaluation and monitoring of all 
activities related to the Maine Economic Development Fund and all programs funded in 
whole or in part by grants from the Maine Economic Development Fund.
3. Equity investments; loans; contractual arrangements. In addition to the 
disbursement of funds through grants as described in subsection 2, the department may 
make, alone or in participation or cooperation with other persons, direct equity investments 
in, loans to or any other contractual arrangement allowed by law with private companies 
for the purposes identified in subsection 1. For each disbursement of funds made by the 
department in accordance with this section, the department may require satisfactory 
evidence of matching funds in an amount equal to the state funds invested in whatever form 
by the department by eligible recipients. Matching funds may be in the form of debt or 
equity but must be at risk in the private companies for a minimum of 5 years.
4. Rulemaking. The department shall adopt rules necessary to carry out this program. 
Rules adopted pursuant to this subsection are routine technical rules as defined in chapter 
375, subchapter 2-A.
SUMMARY
This bill authorizes the Department of Economic and Community Development, 
through the Maine Economic Development Fund, to make strategic investments, through 
loans or direct equity investments, in economic development projects that support 
economic and business growth, rural manufacturing and industrial site redevelopment and 
implementation of a strategic plan.