December 11, 2012 | last updated December 11, 2012 11:04 am

Legislature to revisit state bank proposal

Two state lawmakers are putting forward another effort to set up a state bank in Maine that they say would make more credit available to small businesses.

MPBN reported that Rep. Diane Russell, of Portland, and fellow Democrat Bobbi Beavers, of South Berwick, are reintroducing legislation that would create a bank on the model of the country's only state bank set up in North Dakota over 90 years ago.

The bill's proponents say it would increase lending to small businesses and also allow low-cost credit for state government, a function they say would cut the cost of public projects.

Chris Pinkham, president of the Maine Bankers Association, told the station last year that the amount of funds available from community banks is sufficient to meet demand.


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