Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-4 - Application Procedure and Content (for other than direct loans to borrowers)

Current through 2024-29, July 17, 2024
A. From time to
				time, the Authority shall solicit applications for disbursements from the fund.
				The Authority shall specify a time within which applicants seeking
				consideration must have submitted a complete application. Any applications
				received after such time may be held for future consideration.
B. Each applicant shall submit an application
				to the Chief Executive Officer on such forms and with such attachments as the
				Chief Executive Officer may require consistent with the purposes of the program
				and this rule.
C. The Chief
				Executive Officer will review each application for completeness and
				eligibility. Applications that are not substantially complete may be deemed not
				received until completed. The Chief Executive Officer shall determine when an
				application is received, which determination shall be final.
D. The application shall contain the
				following:
(1) a description of the
				applicant, including its funding sources, the region or regions it serves and a
				summary of all of its direct lending programs, including account balances,
				lending criteria and default rates;
(2) the methods and criteria the applicant
				employs for qualifying borrowers, including any lending and economic
				development strategies that target the types of eligible borrowers set forth in
				Section 9 of this rule;
(3) the
				fees that an applicant intends to charge to a borrower for technical or
				administrative assistance and for loan commitments;
(4) for disbursements not to be used for
				quality child care projects, the methods by which the applicant will leverage
				funds from other sources in an amount equal to at least two times the amount
				requested;
(5) the applicant's
				investment policy;
(6) for
				disbursements not to be used for quality child care projects, the applicant's
				strategy for creation and retention of jobs (written comprehensive plan for
				economic development in its area), and its strategy, if applicable, for real
				estate development including commercial, mixed-use real estate, and community
				facilities. Such a strategy must be submitted and demonstrated as part of the
				application process in order to make loans pursuant to Section
				9(A)(1)(i);
(7) for disbursements
				not to be used for quality childcare projects, the applicant's existing or
				proposed small business marketing , and technical assistance plan;
(8) a description of the applicant's staff by
				organizational chart and résumé;
(9) the applicant's organizational audits and
				program audits shall be provided for each year the applicant has administered
				programs in the three most recent years;
(10) the applicant's proposed performance
				measurements and goals including default rates and a process for monitoring
				compliance therewith;
(11) the
				applicant's collateralization plan;
(12) the amount requested; and
(13) such other information as the Authority
				may require.