April 6, 2022
AUGUSTA – Gov. Janet Mills recently signed into law two bills sponsored by Rep. Tiffany Roberts, D-South Berwick, aimed at facilitating economic investments in businesses throughout Maine.
LD 1793 will simplify the process for the commissioner of the Department of Economic and Community Development (DECD) to directly grant, loan and invest money in private entities. Although DECD has long managed programs that provide funds to private businesses, those funds have always flowed through partner organizations like economic development districts and municipalities, creating administrative complications and slowing down fund disbursement.
LD 1800 will allow the Small Enterprise Growth Program, also known as the Maine Venture Fund, to invest in certain privately managed venture capital funds, expanding the amount of capital available to Maine-based growth companies. It also makes certain technical changes to the fund’s governing statute, such as adding officers, adjusting member terms and updating the names of certain participating partner agencies.
“Together, these bills will expedite and increase important funding opportunities for Maine businesses,” said Roberts. “They will provide support for Maine companies to grow quickly and boost our state’s post-pandemic economic recovery.”
The new laws will go into effect 90 days after the current session of the Legislature adjourns.
Roberts is serving her second term in the Maine House of Representatives and serves as House chair of the Legislature’s Innovation, Development, Economic Advancement and Business Committee.
Jackie Merrill [Roberts], c. 812-1111