This program provides tax-exempt interest rate bond financing for manufacturing borrowers.
Eligibility
Any commercially viable borrower proposing to finance the acquisition or expansion of manufacturing assets.
Loan Amount / Exposure
- Up to 90% of the project debt. FAME exposure to any one relationship may not exceed $4,250,000.
- Due to limitations of the marketplace, small loans may not be feasible.
Interest Rate
Market tax-exempt rates. Pricing is determined by market conditions at the time of bond sale.
Loan Term
Determined by the useful life of the assets being financed.
Fees
- Bond application ($5,000) and issuance fees (0.2% - 0.3%) apply, but may in part be used to offset credit enhancement fees.
- Commitment Fee - 1%.
- Annual Credit Enhancement Fee - Not to exceed 2%, determined by risk.
- Borrower responsible for all costs of closing, including legal fees.
Process
Borrowers considering applying should contact FAME for advice on program requirements and applicability to the project.
Contact
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
