Code of Maine Rules › 28 - DEPARTMENT OF THE TREASURY › 248 - TREASURER OF STATE › Chapter 102 - LINKED INVESTMENT PROGRAM FOR COMMERCIAL ENTERPRISES › Section 248-102-I - Definitions

Current through 2024-29, July 17, 2024
A. Authority. "Authority" means the Finance
				Authority of Maine.
B. Commercial
				enterprise. "Commercial enterprise" means any business enterprise but does not
				include an agricultural enterprise or business which has as its principal
				source of revenue cultivation of soil, producing of crops or raising of
				livestock, or their by-products.
C.
				Financial institution. "Financial institution" means any bank, trust company,
				national banking association, savings bank, savings and loan association,
				federal savings and loan association, industrial bank, mortgage company,
				insurance company, credit union, local development corporation, or any other
				institution or entity authorized to do business in the State or any State or
				federal agency which customarily provides financing assistance to commercial
				enterprises.
D. Manufacturer.
				"Manufacturer" means a commercial enterprise predominantly engaged in the
				application of knowledge, skill or labor to giving of new shapes, new qualities
				or new combinations to matter as material products and includes assembling,
				fabricating, making, creating, working, preparing, milling, processing,
				manufacturing, finishing, fashioning, producing, storing, warehousing,
				preserving, distributing, handling and transporting in any manner goods, wares,
				merchandise, metals, fabrics, materials, substances, product or matter of any
				kind or nature.
E. Participation
				amount. "Participation amount" means that portion of the principal of a loan
				made under this rule which is supported by a related investment of State funds,
				where the loan principal is greater than the supporting investment.
F. Qualified loan. "Qualified loan" means a
				loan 1) originated during a period commencing not more than 90 days prior to
				the Authority's receipt of a an application for investment of State funds to
				support a loan and ending 90 days after the financial institution submitting
				the application is sent written notification that State funds are available for
				investment to support the loan; and 2) is made by a financial institution which
				meets the criteria applicable to commercial enterprises established by
				 5 M.R.S.A.
				Section135 and this rule, for which the
				Treasurer may make a supporting investment equal to the loan principal or to
				the participation amount; or 3) is a renewal application. A loan refinancing an
				existing loan with the same financial institution, which is not a renewal
				application, is not a qualified loan.
G. State. "State" means the State of
				Maine.
H. State funds. "State funds"
				means only the $4,000,000 authorized for investment at a reduced rate of return
				under the Linked Investment Program for Commercial Enterprises.
I. Renewal application. "Renewal application"
				means an application for a second 12 month investment period and includes the
				renewal of an investment made on a line of credit. A renewal application must
				be for an investment period immediately following the original investment
				period.