Regional Economic Development Revolving Loan Program

This program is designed to make loans through Maine's regional economic development agencies for the purpose of creating or retaining 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 $5,000,000 or employ 50 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 childcare projects (also administered directly by FAME).

 

Loan Amount / Exposure

  • 33% of total project cost, up to a maximum loan amount of $250,000;
  • 50% of total project cost, for projects between $50,000 and $100,000;
  • 100% of total project cost, for projects less than $50,000.

 

Interest Rate

Negotiated with regional agency, usually below market.

 

Loan Term

Up to 20 years depending on assets being financed.

 

Security

Assets being financed and other collateral, as required.

 

Fees

Set by each agency.

 

Process

Funding is provided through the the regional economic development agencies listed below. Please contact the agency covering your area for information and applications. The agency reviews, underwrites and notifies borrower of final loan determination.

Contact

FAME
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717

 

Participating Agencies

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

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

Biddeford/Saco Area Economic Development Corp.
190 Main Street, 3rd Floor
Saco, ME 04072
282-1748
www.bsaedc.org

Caribou Chamber of Commerce & Industry
c/o Northern Maine Development Commission
PO Box 779
Caribou, ME 04736
498-6156
http://www.nmdc.org/ 

City of Portland
389 Congress Street
Portland, ME 04101
874-8683
www.portlandmaine.gov

City of Presque Isle
12 Second Street
Presque Isle, ME 04769-2459
760-2727
www.presqueisle.govoffice2.com

Coastal Enterprises, Inc.
36 Water Street
P.O. Box 268
Wiscasset, ME 04578-0268
882-7552
www.ceimaine.org

Community Concepts Finance Corporation
c/o Community Concepts, Inc.
P.O. Box 278
South Paris, ME 04281
743-7716
www.community-concepts.org

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

Greater Portland Council of Governments
68 Marginal Way
Portland, ME 04101
774-9891
www.gpcog.org

Katahdin Regional Development Corp.
c/o Eastern Maine Development Corp.
40 Harlow Street
Bangor, ME 04401
942-6389
www.emdc.org

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

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

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

Northern Maine Development Commission
11 West Presque Isle Road
P.O. Box 779
Caribou, ME 04736
498-8736
www.nmdc.org

Washington-Hancock Community Agency
P.O. Box 299
Ellsworth, ME  04605
664-2424
www.whcacap.org

Penquis Community Action Program
262 Harlow Street
P.O. Box 1162
Bangor, ME 04402-1162
973-3500
www.penquiscap.org

River Valley Growth Council
60 Lowell Street
Rumford, ME 04276
369-0396
www.growrivervalley.com 

Sunrise County Economic Council
53 Prescott Drive, Suite 3
Machias, ME 04654
255-0983 ext. 16
www.sunrisecounty.org

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

Town of Lisbon
c/o Androscoggin Valley Council of Governments
125 Manley Road
Auburn, Maine  04210
783-9186
www.avcog.org

Town of Lubec
40 School Street
Lubec, ME 04652
733-2341
www.lubecme.govoffice2.com
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