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What is the purpose of providing $1.5 million to the Maine Rural Development Authority (part of Question 2)?

April 26, 2017authority Development Maine providing purpose rural

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What is the purpose of providing $1.5 million to the Maine Rural Development Authority (part of Question 2)?

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The Maine Rural Development Authority (MRDA) has an existing revolving loan fund that provides short term loans (so-called “gap financing”) to public or private entities for projects that will restore or create employment opportunities. Funds can be used for acquisition, development, or redevelopment of commercial facilities. As loans are repaid, the funds become available for additional lending. The additional $1.5 million in bond funds will increase the total size of the revolving loan program and enable the program to serve more people and projects in Maine.