When traditional loans are not the solution for your financing needs, the Economic Recovery Loan Program (ERLP) may be the answer. This program helps your new or existing business with flexible gap financing directly from FAME.
- Be Maine-based
- Exhibit reasonable ability to repay the loan
- Demonstrate that other sources of capital have been exhausted
- $750,000 is the maximum loan amount, however, the maximum that any borrower can receive is based on business need and credit requirements.
- Larger loans, up to $1,000,000, may be available if substantial public benefit is demonstrated and sufficient funds are available. Contact FAME for more information.
Fixed rate – Wall Street Journal Prime plus 2%, at time of loan commitment.
Maximum of five years. Amortization may be based on the useful life of the assets being financed or additional collateral pledged. Balloon payments are typically required.
Assets being financed and other collateral, as required.
Commitment fee: 1%
All closing costs are paid by the borrower and may be financed with the loan proceeds.
Submit a complete application and business plan to FAME. FAME will underwrite the request and notify the borrower of its decision.
Although not required, FAME encourages all applicants to discuss their loan request with a FAME loan officer prior to submission to ensure program eligibility.
All of the following documents accompanied by a business plan must be completed and returned to FAME in order to complete the loan application process:
- Economic Recovery Loan Application
- Environmental Questionnaire
- Employment Plan
- Personal Financial Statement
The documents above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking here.
The applications are in a PDF format, which can be completed on-line and must be printed and sent to FAME.