Promote Downtown Revitalization by Creating the Locating Businesses Downtown Loan Program
|Sponsor:||Senator Justin Chenette, Senate 31 - York County|
|Bill #:||LD 1343|
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.
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.