95-592 C.M.R. ch. 701, § 1 - DEFINITIONS

Current through 2022-14, April 6, 2022

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 [Repealed effective July 25, 2002]>
6. [Repealed effective July 25, 2002]>
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.

Notes

95-592 C.M.R. ch. 701, § 1

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