An Act To Authorize A General Fund Bond Issue For Further Investment In Maine-Based Businesses

LD 691 authorizes Maine to issue up to $25 million in general obligation bonds to fund the Small Enterprise Growth Fund (SEGF), a program supporting Maine-based small businesses. The bond proceeds must be used exclusively for the SEGF to provide direct investments, operational support, and financing for rural, early-stage, and growth-stage companies, including strategies to attract high-growth startups. The bill requires voter approval through a statewide referendum to authorize the bond issuance, with the funds becoming available only after a majority vote in favor. This is not a new program - the SEGF has operated since 1996 - but represents a funding mechanism to expand its existing support for local businesses.