MaineTrade graduates could borrow for tools at low interest
The proposed amendment would let college graduates with trade degrees or certificates borrow for work tools, with annual loans limited by available funds.
What it does
College graduates with a trade degree or certificate could borrow up to $10,000 for tools needed for work, at no more than 2% interest. Total loans would depend on available funds and be capped at $1 million per year.
Argument forEligible graduates could borrow for tools needed in skilled jobs at low interest, with up to 10 years to repay.
Argument againstBecause yearly lending is capped and depends on available funds, some eligible graduates might not get a loan large enough for their needed tools.
More detail
The Finance Authority of Maine would provide low-interest loans for trade tools. A borrower would need to graduate from an accredited college after completing a trade degree or certificate. Trades include skilled jobs such as plumbing, construction, health care, hospitality, and information technology work. The interest rate could not exceed 2% per year, and the repayment period could not exceed 10 years. A borrower could receive no more than $10,000. Total loans could not exceed $1 million per year or the money available in the fund, whichever is lower. The fund could receive appropriated or allocated money, gifts, donations, and loan repayments. The amendment lists $1 million for each of fiscal years 2025–26 and 2026–27. The amendment lists funding for fiscal years 2025–26 and 2026–27.
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Where it stands
- Introduced
- Passed 1st Chamber
- Became Law
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 29Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)Died
- 2025
- Jun 25CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
- Jun 5On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
- Jun 4Sent for concurrence. ORDERED SENT FORTHWITH.
- Jun 4PASSED TO BE ENACTED.Became Law
- Jun 3Reported Out - OTP-AM
- Jun 3Ordered sent down forthwith.
- Jun 3Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-448), in concurrence.Minor
- Jun 3Committee Amendment "A" (H-448) READ and ADOPTED, in concurrence.Minor
- Jun 3READ ONCE.Minor
- Jun 3Report READ and ACCEPTED, in concurrence.
- Jun 3Sent for concurrence. ORDERED SENT FORTHWITH.
- Jun 3The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-448).Minor
- Jun 3Under suspension of the rules CONSENT CALENDAR - SECOND DAY.
- Jun 3CONSENT CALENDAR - FIRST DAY
- May 15Voted - OTP-AM
- May 15Work Session Held
- Apr 25The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401.Minor
- Apr 25Received by the Clerk of the House on April 25, 2025.Introduced
EducationEconomy & Jobs