Major Business Expansion Bond Program
This program provides long-term, credit-enhanced financing up to $25,000,000 at taxable bond rates for businesses creating or retaining 50 jobs and long-term, tax-exempt bond rates on bonds of up to $10,000,000 that are used to finance manufacturing expansions.
Eligibility
- Any business with the historical capacity to service the proposed bond debt.
- A business must create or retain at least 50 jobs.
- Bond proceeds may be used to acquire real estate, machinery, equipment or fixtures, or expand or rehabilite a facility.
Loan Amount / Exposure
- $1,000,000 - $25,000,000 taxable debt
or
- $1,000,000 - $10,000,000 tax-exempt debt
Interest Rate
- Determined by market at the time of bond sale or placement
- Contact FAME for latest market quotes.
Loan Term
Determined by the useful life of the assets being financed
Security
First security interest in the assets being financed, plus other collateral and guarantees determined to be necessary by FAME.
Fees
Additional Information
Borrowers may be required to fund a capital reserve account with bond proceeds or other funds.
Process
Borrowers considering applying under this program 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