Maine lawmakers approved a bill Thursday intended to create a new financing program to lure big businesses to the state, but did not provide a method to fund it.

The bill, approved by the Senate in a 33-1 vote, creates a fund to support business developments that invest at least $50 million in Maine, create or retain at least 250 jobs and pay employees at least 125 percent of the state’s average wage. For all occupations and wage earners, the Maine median hourly wage in 2014 was $16.29, of which 125 percent is $20.36.

Backers of L.D.1480 emphasized that the creation of the program does not commit any taxpayer money.

“I must stress, this fund is not intended to be capitalized by taxpayers’ dollars,” said Sen. Stan Gerzofsky, D-Brunswick, who submitted the bill. “Nor will it put Maine taxpayers on the hook should any investments fail. I know this is an important factor for this committee and many of us in the Legislature.”

The bill was passed in the House on March 8 and is now headed to Gov. Paul LePage for potential signature and final approval.

Supporters say the fund would operate like a mutual fund for business investments and be administered by the Finance Authority of Maine. Businesses could tap the fund for loans but must provide a 25 percent match. They would also be required to reinvest 10 percent of the loan award as a way to replenish the program.

Speaking in January before the Legislature’s Labor, Commerce, Business and Economic Development Committee on behalf of the bill, Steve Levesque, executive director of the Midcoast Regional Redevelopment Authority, said the fund would give the state a better chance to be competitive in landing or keeping large employers.

“We are not competitive in the marketplace to attract and retain large investments,” he said in his testimony.

Levesque is in charge of the redevelopment of the former Brunswick Naval Air Station, now called Brunswick Landing. The complex has attracted more than 40 companies, including Molnlycke, a maker of specialty wound care products that recently opened a $47 million production facility. Last year it announced intentions to add 40 people to its staff of 50.

In the past two months, two tenants of Brunswick Landing – SaviLinx and Wayfair – have announced plans to hire 700 people for their customer service operations. If they succeed, Brunswick Landing will have nearly 1,500 people working there.

Bill Norbert, governmental affairs manager for FAME, also testified on behalf of the bill. He said establishment of the fund increases the amounts and scale of projects that FAME can currently support.