It repeals the requirement that an applicant must have been turned down by all other lenders. This allows the Finance Authority of Maine to participate in financing packages with commercial lenders and other economic development agencies.

Part B modifies the Maine Economic Development Venture Capital Revolving Investment Program Fund administered by the Finance Authority of Maine.

It clarifies that capitalization of the fund may come from sources other than direct appropriations.

It amends the law to allow the authority to invest in newly established venture capital funds that show evidence of likelihood of success by the manager's background and other factors, as well as established venture capital funds.

It amends the law to require that a private venture capital fund receiving an investment from the authority certify to the authority that it will undertake to invest in an amount equal to the authority's investment in Maine manufacturers or Maine companies that are involved in the development or application of advanced technologies that provide a product or service that is sold or projected to be sold predominantly outside the State or that otherwise bring capital into the State.

It repeals the prohibition on an officer or employee of a private venture capital firm from participating in a decision on a project in which the officer or employee has a direct financial interest. It replaces that provision with a requirement that the authority's contract with the private venture capital firm give the authority rights and access equal to all other investors in the venture capital firm.

It amends the law to allow the venture capital funds receiving an investment to use up to 4% annually of the funds received from the authority for administrative purposes.

It repeals a provision that requires that a private venture capital firm invest 80% of all its funds in a business that is eligible for the Maine Seed Capital Tax Credit.

It adds a requirement that private venture capital funds that receive an investment from the authority report on the amount of funds invested in Maine manufacturers or Maine companies that are involved in the development or application of advanced technologies, that provide a product or service sold or