Sec. 1. 5 MRSA §13070-L, sub-§6 is enacted to read:

6.__Equity equivalent loan credit.__The department shall report annually to the commission the aggregated information received by the department regarding the equity equivalent loan credit described in Title 10, section 1100-Y.__The commission shall review the information provided and may make recommendations to the Governor and the Legislature regarding the program.

Sec. 2. 10 MRSA c. 110, sub-c. XI is enacted to read:

SUBCHAPTER XI

EQUITY EQUIVALENT LOAN CREDIT

§1100-Y.__Equity equivalent loan credit

1.__Definitions.__As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

A.__"Borrower" means a local, regional or statewide nonprofit corporation located in the State that is certified by the United States Department of the Treasury as a community development financial institution or that independently or with assistance of an advisory board or committee or by contract with appropriate agencies, organizations or individuals, as determined by the authority:

(1) Is capable of providing financial assistance to businesses in order to create and protect jobs;

(2) Is able to prudently and effectively administer a direct loan fund;

(3) Is able to coordinate with other business assistance, employment training and social assistance programs;

(4) Has a strategy for the creation and retention of jobs;

(5) Has an effective small business marketing and technical assistance plan; and