Promote Downtown Revitalization by Creating the Locating Businesses Downtown Loan Program

Last updated: Jun 18, 2017

Details about this bill
Category: General Business
Status: Appropriations Table
Sponsor: Senator Justin Chenette, Senate 31 - York County
Session: 128
Bill #: LD 1343

Position:

Monitoring.

UPDATE: This bill has been sent to the Appropriations Table.

UPDATE: Although it had close votes, the bill was passed by both the House and Senate.

Summary:

This bill establishes the Locating Businesses Downtown Loan Program within the Communities for Maine's Future Program to provide forgivable loans for businesses seeking to initially locate or to relocate in a downtown area, village area or along a main street within the State. Applications for loans under the program are evaluated by the Department of Economic and Community Development in conjunction with a loan review panel. Successful applicants must execute a loan agreement prepared by the department specifying the terms and conditions of the loan, including the length of time that a business must remain in the downtown area, village area or along a main street within the State for the loan to be forgiven.