Failed proposal would ask voters to approve Maine business bonds

The proposal would authorize the state treasurer, under the governor's direction, to issue up to $25 million in bonds. The money would support the Small Enterprise Growth Fund's operations and direct investments in small, independent Maine companies. The bond authorization would take effect only if Maine voters approved it. If voters approved the bonds, they could run for no more than 10 years. Bonds not issued within five years after ratification would be canceled unless the Legislature extended the deadline by up to five years.

The fund would use money to support financing programs for a wider range of businesses. The programs would include rural, early-stage, and growth-stage companies, and aim to attract high-growth startups and investors to Maine. These uses depend on voter approval of the bond issue. Any bond proceeds left unspent 10 years after the bonds were sold would go toward paying off state general obligation bonds.