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MaineLD 1500132nd Maine Legislature (2025-2026)HouseWALLET

An Act to Establish the Maine Community Development Financial Institution Fund to Support Small Businesses, Rural Economic Development and Affordable Housing

Sponsored By: Melanie Sachs (Democratic)

Became Law

ECONOMIC DEVELOPMENTECONOMIC DEVELOPMENT - PLANNING

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

State puts up to $10M in community lenders

The Treasurer can deposit up to $10 million each calendar year with certified community lenders when state funds are available. Each deposit can last up to two years. The return can be no more than 2 percentage points below the market rate the state could otherwise get for the same term. This gives lenders cheaper money to expand loans for small businesses, housing, and projects in underserved Maine communities.

New Maine fund backs community lenders

The law creates a dedicated Maine fund in the Department of Economic and Community Development to back community lenders. Money can come from state appropriations, low-cost capital from the Treasurer, and federal or private grants and loans; the fund does not lapse and keeps its interest. DECD runs a new program that gives grants and loans to certified lenders, who then offer loans, grants, and forgivable loans for housing, small businesses, and community projects in underserved areas. Up to 10% of appropriated and granted money may cover administration, and DECD must set routine rules with monitoring and accountability. A lender must be allowed to do business in Maine, be regulated when that applies, and be U.S. Treasury‑certified; the Secretary of State decides, and the law provides $500 in FY 2025‑26 and $500 in FY 2026‑27 to start the fund.

Sponsors & Cosponsors

Sponsor

  • Melanie Sachs

    Democratic • House

Cosponsors

  • Aaron Dana

    T • House

  • Amy Roeder

    Democratic • House

  • Cameron D. Reny

    Democratic • Senate

  • Trey L. Stewart

    Republican • Senate

  • John Ducharme

    Republican • House

  • Marc Malon

    Democratic • House

  • Matthea E. L. Daughtry

    Democratic • Senate

  • Ryan Fecteau

    Democratic • House

  • Traci Gere

    Democratic • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. ACTPUB Chapter 502

    5/1/2026

  2. HELD BY THE GOVERNOR.

    7/8/2025Senate

  3. PASSED TO BE ENACTED, in concurrence.

    6/25/2025Senate

  4. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/25/2025House

  5. The House RECEDED and CONCURRED to PASSAGE TO BE ENGROSSED as Amended by Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto.ORDERED SENT FORTHWITH.

    6/25/2025House

  6. On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table On motion by Same Senator the Senate SUSPENDED THE RULES to RECONSIDER their actions whereby the Bill was PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (H-446) On further motion by Same Senator the Senate SUSPENDED THE RULES to RECONSIDER their actions whereby Committee Amendment "A" (H-446) was ADOPTED. On further motion by Same Senator Senate Amendment "A" (S-477) to Committee Amendment "A" (H-446) READ and ADOPTED. Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto ADOPTED. PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto in NON-CONCURRENCE. Sent down for concurrence.

    6/25/2025Senate

  7. On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.

    6/5/2025Senate

  8. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/4/2025House

  9. Report READ and ACCEPTED, in concurrence.READ ONCE.Committee Amendment "A" (H-446) READ and ADOPTED, in concurrence.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-446), in concurrence.Ordered sent down forthwith.

    6/3/2025Senate

  10. CONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-446).Sent for concurrence. ORDERED SENT FORTHWITH.

    6/3/2025House

  11. The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT in concurrence

    4/8/2025Senate

  12. Committee on Housing and Economic Development suggested and ordered printed. The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT.Sent for concurrence. ORDERED SENT FORTHWITH.

    4/8/2025House

Bill Text

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