§13063-D.__Definitions

As used in this article, unless the context otherwise indicates, the following terms have the following meanings.

1.__Community-based organization.__"Community-based organization" means a nonprofit organization that has:

A.__A viable plan for providing training and technical assistance to microenterprises;

B.__Broad-based community support;

C.__An adequate source of operating capital; and

D.__A demonstrated need for funding to provide training and technical assistance to microenterprises.

2.__Fund.__"Fund" means the Maine Microenterprise Initiative Fund established in section 13063-E.

3.__Microenterprise.__"Microenterprise" means a business located in the State that produces goods or provides services and has fewer than 10 full-time equivalent employees.

§13063-E.__Maine Microenterprise Initiative Fund

1.__Fund established.__The Maine Microenterprise Initiative Fund is established as a nonlapsing fund administered by the department.__The fund consists of money appropriated to it by the Legislature from the General Fund and eligible investment earnings from fund assets.__The fund must be held separate from all other money, funds and accounts, and all eligible investment earnings from fund assets must be credited to the fund.

2.__Fund purposes.__The department shall administer the fund to provide grants to community-based organizations to aid them in providing technical assistance and training to microenterprises.

§13063-F.__Application process

1.__Process established.__The department shall adopt rules establishing an application process for fund grants for the purposes set forth in section 13063-E, subsection 2.__In establishing the application process, the department shall consult with business experts involved with microenterprises in the State.