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be used only for the following purposes: to provide assistance to | | enterprises in this State for the design, construction, | | implementation or improvement of facilities to grow, harvest, | | process or market cranberries; or for the construction, renovation | | or acquisition of land, buildings, equipment, vines, docks, | | wharves, piers or vessels used in connection with a commercial | | cranberry enterprise.__Repayment of these loans and interest on | | these loans must be credited to the fund and must be available for | | making additional loans for the same purposes.__Interest earned on | | money in the fund and interest earned on loans made from the fund | | may be used to pay the administrative costs of the authority. |
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| | | Sec. B-5. 10 MRSA §1026-Q is enacted to read: |
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| | | §1026-Q.__Cranberry Product Loan Program |
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| | | The Cranberry Product Loan Program is established to provide | | loans to cranberry growers and processors in order to encourage | | the growth and development of the cranberry industry in this | | State. |
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| | | 1.__Administration.__The authority shall administer the | | Cranberry Product Loan Fund established under section 1023-L. |
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| | | 2.__Conditions.__Cranberry product loans are subject to the | | following conditions. |
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| | | A.__A cranberry product loan for any project under this | | subchapter, the total cost of which exceeds $150,000, may | | not exceed 55% of the project cost.__A loan from the fund | | may not be provided for such a project unless the applicant | | provides a business plan acceptable to the authority and | | demonstrates a commitment of private funds or in-kind | | contribution acceptable to the authority of at least 10% of | | the total cost of the project; except that, in order to | | encourage the undertaking of cooperative projects by 2 or | | more enterprises, a cranberry product loan may not be | | provided unless the cooperating enterprises as a group | | demonstrate a commitment of private funds or in-kind | | contribution acceptable to the authority of at least 5% of | | the total cost of the project.__A cranberry product loan may | | not exceed $250,000 for any borrower. |
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| | | B.__A cranberry product loan for any project under this | | subchapter, the total cost of which is $150,000 or less, may | | not exceed 90% of the total cost of the project, including | | in-kind contributions approved by the authority. |
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