Regional Economic Development Revolving Loan Program

The Regional Economic Development Revolving Loan Program (REDRLP) makes loans through Maine’s regional economic development agencies to help create or retain jobs. FAME makes disbursements to regional economic development agencies and the agencies in turn make loans to eligible borrowers.

Eligibility

Businesses that have sales under $10,000,000 or employ 100 or fewer employees, conducting business in the following categories:

  • Advanced manufacturing technologies
  • Advanced information systems
  • Advanced biological/natural resource technologies
  • Conversion from defense industry
  • Significant export involvement (goods or services)
  • Significant research and development
  • Micro-businesses (under 10 employees)
  • Quality child care projects (Regional Economic Development Revolving Loan Program for Day Care is also administered directly by FAME)
  • Business significantly engaged in commercial and/or mixed-use real estate and/or community facilities development
  • Business significantly engaged in serving tourists, such as outdoor recreation, culture, heritage and hospitality

Loan Amount/Exposure

  • 50% of total project cost, for projects from $50,000 up to maximum loan amount of $350,000
  • 100% of total project cost, for projects less than $50,000
  • 100% of total project cost, for quality child care projects up to maximum loan amount of $350,000

Interest Rate

Negotiated with regional agency, usually below market. List of agencies below.

Loan Term

Up to 20 years, depending on assets being financed.

Security

Assets being financed and other collateral, as required.

Fees

Fees are set by each agency.

Process

Please contact the agency covering your area for information and applications. The agency reviews, underwrites and notifies borrower of final loan determination.

Application

Applications are provided by each agency.

Participating Agencies

Androscoggin Valley Council of Governments (AVCOG)
125 Manley Road
Auburn, ME 04210
207-783-9186
www.avcog.org

Bangor Airport Civic Development Corporation
73 Harlow Street
Bangor, ME 04401
207-735-4059
www.choosebangor.com

Caribou Chamber of Commerce & Industry
c/o NMDC
PO Box 779
Caribou, ME 04736
207-498-8736

Coastal Enterprises, Inc.
30 Federal Street
Brunswick, ME 04011
207-504-5900
www.ceimaine.org

Community Concepts Inc.
240 Bates Street
Lewiston, ME 04240
207-333-6419
www.mainebusinesslending.org

Eastern Maine Development Corporation
40 Harlow Street
Bangor, Maine 04401
207-942-6389
www.emdc.org

Economic Development Corporation
PO Box 536
190 Maine Street, 3rd Floor
Saco, ME 04072
207-282-1748
www.bsaedc.org

Town of Fort Kent
416 West Main Street
Fort Kent, ME 04743
207-834-3507
www.fortkent.org

Greater Portland Council of Governments
970 Baxter Boulevard, Suite 21
Portland, ME 04103
207-774-9891
www.gpcog.org

Katahdin Regional Development Corporation
40 Harlow Street Bangor
Bangor, ME 04402
207-942-6389
www.edmc.org

Kennebec Valley Council of Governments
17 Main Street
Fairfield, ME 04937
207-453-4258
www.kvcog.org

Lewiston Auburn Economic Growth Council
415 Lisbon Street, Suite 400, PO Box 1188,
Lewiston, ME 04243 207-784-0161
www.economicgrowth.org

Limestone Development Corporation
c/o NMDC, PO Box 779
Caribou, ME 04736
207-498-8736
www.limestonemaine.org

Town of Lisbon
300 Lisbon Street
Lisbon, ME 04250
207-353-3000
www.lisbonme.org

Town of Lubec
40 School Street
Lubec, ME 045652 207-733-2341
www.townoflubec.com

Maine Stream Finance
262 Harlow Street, PO Box 1162
Bangor, ME 04402
207-973-3663Lubec, ME 045652 207-733-2341
www.penquis.org

Midcoast Council of Governments
752 High Street
Bath, ME 04530
207-443-5790
www.midcoastcog.org

Northern Maine Development Commission
PO Box 779
Caribou, ME 04736
207-498-8736
www.nmdc.org

City of Portland
 389 Congress Street
Portland, ME 04101
207-756-8019
www.portlandmaine.gov

City of Presque Isle
 12 Second Street
Presque Isle, ME 04769
207-764-2503
www.presqueisleme.gov

River Valley Growth Council
c/o AVCOG, 125 Manley Rd
Auburn, ME 04210 207-783-9186
www.avcog.org

Somerset Economic Development Corporation
41 Court Street
Skowhegan, ME 04976
207-498-8736
http://www.somersetcountymaine.org

Southern Aroostook Growth Council, Inc
c/o NMDC, PO Box 779
Caribou, ME 04736
207-498-8736
www.nmdc.org

Sunrise County Economic Council
53 Prescott Drive, Suite 3
Machias, ME 04654
207-255-3983
www.sunrisecounty.org

Washington Hancock Community Agency
248 Bucksport Road
Ellsworth, ME 04605
207-664-2424
www.whcacap.org

Western Maine Finance
c/o Community Concepts Finance Corporation
240 Bates St, Lewiston, ME 04240

http://www.mainebusinesslending.org

Loan Reporting and REDRLP Fund Requisition Form for Participating Agencies.