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 $200,000;
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
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
Participating Agencies
125 Manley Road
Auburn, ME 04210
783-9186
www.avcog.org 73 Harlow Street
Bangor, ME 04401
735-4059
www.choosebangor.com 190 Main Street, 3rd Floor
Saco, ME 04072
282-1748
www.bsaedc.org 24 Sweden Street, Suite 101
Caribou, ME 04736
498-6156
www.cariboumaine.net 389 Congress Street
Portland, ME 04101
874-8683
www.portlandmaine.gov 12 Second Street
Presque Isle, ME 04769-2459
764-2503
www.presqueisle.govoffice2.com 36 Water Street
P.O. Box 268
Wiscasset, ME 04578-0268
882-7552
www.ceimaine.org c/o Community Concepts, Inc.
P.O. Box 278
South Paris, ME 04281
743-7716
www.community-concepts.org 40 Harlow St.
Bangor, ME 04401
942-6389
www.emdc.org 68 Marginal Way
Portland, ME 04101
774-9891
www.gpcog.org c/o Eastern Maine Development Corp.
40 Harlow Street
Bangor, ME 04401
942-6389
www.emdc.org 17 Main Street
Fairfield, ME 04937
453-4258
www.kvcog.org 415 Lisbon Street, Suite 400
P.O. Box 1188
Lewiston, ME 04243-1188
784-0161
www.economicgrowth.org 291 Main Street
Limestone, ME 04750
325-44704
www.limestonemaine.org 7 Park Street
Bath, ME 04530
443-5790
www.mcbdp.org 11 West Presque Isle Road
P.O. Box 779
Caribou, ME 04736
498-8736
www.nmdc.org 2 Maple Street
P.O. Box 64
Milbridge, ME 04658
546-7544
www.whcacap.org 262 Harlow Street
P.O. Box 1162
Bangor, ME 04402-1162
973-3500
www.penquiscap.org 60 Lowell Street
Rumford, ME 04276
369-0396
www.rvgc.org P.O. Box 679
Machias, ME 04654-0679
255-0983
www.sunrisecounty.org 416 West Main Street
Fort Kent, ME 04743
834-3507
www.fortkent.org c/o Androscoggin Valley Council of Governments
125 Manley Road
Auburn, Maine 04210
783-9186
www.avcog.org 40 School Street
Lubec, ME 04652
733-2341
www.lubecme.govoffice2.com