Establishes a loan program with reduced interest rates for logging and fishing enterprises in Maine.
This bill creates the Improvements to Logging and Fishing Enterprises Loan Program within the Finance Authority of Maine. It authorizes loans to logging and fishing enterprises for purchasing capital equipment, refinancing existing loans, and other eligible uses. The interest rate for these loans is capped at 2%. The program aims to increase the availability of capital for these enterprises. The authority overseeing the program must submit an annual report detailing the effectiveness of the program, including job creation and business revenue.
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