January 11, 2022
AUGUSTA – Rep. Tiffany Roberts, D-South Berwick, presented LD 1800, An Act To Amend the Laws Governing the Small Enterprise Growth Program, before the Committee on Innovation, Development, Economic Advancement and Business on Tuesday.
The bill would make changes to the laws pertaining to the Small Enterprise Growth Program, also known as the Maine Venture Fund (MVF), by permitting its board of directors to invest in certain privately managed venture capital funds. 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.
“Since 1997, MVF has invested more than $20 million in Maine businesses, providing resources that have spurred innovation and supported economic growth throughout our state,” said Roberts. “This legislation will complement MVF’s direct investment approach, with the goal of bringing more capital to Maine companies.”
“This bill is needed to expand the amount of capital available to Maine-based growth companies so that they can more quickly grow quality jobs in the state,” said MVF Managing Director Joe Powers. “Investing in third-party funds, in parallel with the direct investment by my team, would allow MVF to invest more capital faster and with a broader array of expertise.”
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.
Merrill [Roberts], c. 812-1111