Code of Maine Rules › 95 - INDEPENDENT AGENCIES › 592 - SMALL ENTERPRISE GROWTH BOARD › Chapter 701 - SMALL ENTERPRISE GROWTH PROGRAM › Section 592-701-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
A.
Reference to Act Definitions
.
				Certain terms used in this rule, which are defined in 10 M.R.S.A. §381 and
				following (the "Act"), shall have the meanings set forth in the Act, unless
				clearly specified otherwise or unless the context clearly indicates
				otherwise.
B.
Defined
				Terms
1. "Administrative contract"
				means a contract between the Board and a service provider to administer
				specified aspects of the program.
2. "Applicant" means an individual or entity
				which has submitted a complete application to the Board.
3. "Authority" means the Finance Authority of
				Maine, or as the context requires, the Chief Executive Officer and employees of
				the Authority.
4. "Board" means the
				Small Enterprise Growth Board.
5.
[Repealed effective July 25, 2002]
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6.
[Repealed effective July 25,
				2002]
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7. "Fund
				manager" means an individual or entity that has entered into an agreement with
				the Board to administer the program and the Program Funds, including but not
				limited to, the review and analysis of applications, meeting with applicants,
				providing analysis of the status of the Program Funds, publicizing the Program
				Funds, executing documents and taking other actions on behalf of the
				Board.
8. "Initial investment"
				means a disbursement from the SEGF of up to $500,000, which may be made in a
				single payment or in a series of payments to the qualifying small business
				pursuant to one or more disbursement agreements.
9. "Investment agreement" means an agreement
				between the recipient and the Board setting out the terms on which the Board
				will invest in the recipient and on which the recipient will repay the Program
				Funds or otherwise provide a return to the Board on its investment.
10. "Program" means the Small Enterprise
				Growth Program, which shall encompass administration of the Small Enterprise
				Growth Fund and any and all Side Funds.
11. "Program Funds" means the Small
				Enterprise Growth Fund and any and all Side Funds.
12. "Public benefit" means that the
				disbursement will advance and assist the people of the State of
				Maine.
13. "Qualifying small
				business" means
(A) For the purpose of an
				initial investment by the Board, a business which employs the full time
				equivalent of 50 or fewer individuals at the time of application or has gross
				sales not exceeding $5,000,000 within the most recent 12 months for which
				financial statements meeting the Board's requirements are available;
				or
(B) For the purpose of a
				subsequent investment by the Board, a business that has previously received an
				investment from the Board and that, in the judgment of the Board, evidences
				continued potential for high growth.
14. "Recipient" means a qualified small
				business in which the Board makes an investment from the Funds and includes a
				prospective recipient where the context requires, and also includes any related
				entity having 50% or greater common ownership or beneficial interest with the
				recipient or any individual or entity having a 50% or greater ownership or
				beneficial interest in the recipient.
15. "SEGF" means the Small Enterprise Growth
				Fund.
16. "Side Fund(s)" means a
				fund or funds, created and administered by the Board, from sources other than
				monies appropriated to the SEGF (and earnings thereon) which co-invests
				alongside the SEGF, or makes independent investments in select qualifying small
				businesses.
17. "Side Fund
				Investments" means investments in qualifying businesses by the Board from one
				or more Side Funds.
18. "Subsequent
				investment" means, an investment by the SEGF which, together with any initial
				investment, is in an amount which does not exceed ten percent (10%) of the
				capitalization of the SEGF from all appropriations received for application to
				the SEGF, plus any funds received from repayment, interest, royalties, equities
				or other interests in business enterprises, products or services to the extent
				the repayment, interest, royalties or equities or other interests are in excess
				of the amount initially invested in the recipient, as determined on the date of
				approval of the subsequent investment, which may be made in a single
				disbursement or a series of disbursements to the qualifying small
				business.