mpower Loans (Kim Wallace Adaptive Equipment Loan Program)

The Kim Wallace Adaptive Equipment Loan Program provides assistance to individuals and businesses for the purchase, construction or installation of any product or equipment that: allows an individual to become more independent within the community; promotes mobility; or improves independence and quality of life.

Businesses may use loan funds to facilitate compliance with the Americans with Disabilities Act (ADA). For more program information and assistance, visit www.mpowerloans.org.

Funding

Funded by the Kim Wallace Adaptive Equipment Loan Program. Administered by FAME.

Eligibility

Must be a Maine-based business or a Maine resident with a disability.

Loan Amount/Exposure

Up to $100,000.

Interest Rate

Loans currently bear interest at an annual rate of Wall Street Journal Prime (WSJP) +2%, except loans for non-adapted vehicles (loans for transportation assistance) which are WSJP +4%.

Interest rates are subject to change.

Loan Term

Up to 20 years, depending on the useful life of the collateral.

Security

Assets being financed and other collateral, as required.

Fees

Individuals: None

Businesses: None

Borrower is responsible for all loan closing costs.

Process and Contact Information

Individuals:
Alpha One provides application package and assistance completing the application:

Alpha One Locations:
South Portland: 207-767-2189 or 1-800-640-7200
Bangor: 207-941-6553 or 1-800-300-6016
Presque Isle: 207-764-6466 or 1-800-974-6466

Businesses:
Submit requests and completed applications directly to FAME.

Application Downloads

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.

Contact

FAME