This program is designed to assist small businesses by providing gap financing for any prudent business activity (some restrictions apply).
Funds may be used for almost any business purpose with limited exceptions.
Eligibility
- Most Maine-based businesses, except certain agricultural production, hopitality, and tourism related businesses.
- Must be located outside urban areas (Portland, Auburn, Lewiston or Bangor).
- Historical ability to service debt.
- Must show efforts made to access additional sources of capital.
- Must demonstrate their employment of low-income persons, farm families and displaced farm families.
Loan Amount / Exposure
Not to exceed 75% of project cost up to a maximum loan amount of $250,000.
Interest Rate
Wall Street Journal Prime (fixed at commitment).
Loan Term
- Real Estate - up to 20 years.
- Machinery & Equipment - up to 10 years.
- All other - up to 7 years.
Security
Assets being financed and other collateral, as required.
Fees
- Commitment fee of .5%.
- Closing fee of 1.5%.
- Annual servicing fee.
- Closing costs - including in-house or outside legal fees.
Process
FAME underwrites the request and makes a recommendation to Rural Economic and Community Development (RECD), which makes the final decision.
Contact
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
