Economic Recovery Loan Program
This program provides subordinate (gap) financing to assist businesses in their efforts to remain viable and/or improve productivity. From time to time, FAME utilizes funds in this program to address specific business community needs.
Maine-based businesses that exhibit a reasonable ability to repay the loan and demonstrate that other sources of capital have been exhausted.
- $750,000 maximum loan amount. Larger loans, up to $1,000,000, may be available if substantial public benefit is demonstrated and sufficient funds available. Contact FAME for more information.
Fixed rate - Wall Street Journal Prime plus 2%, set at commitment.
Maximum of five years. Amortization may be based on the useful life of the assets being financed or additional collateral pledged. Balloon payments typically required.
Assets being financed and other collateral, as required.
See fee schedule.
An application is available below. Submit a complete application to FAME. FAME will underwrite the request and notify the borrower of its decision.
Although not required, FAME encourages all applicants to discuss their loan request with a FAME Loan Officer prior to submission to ensure program eligibility.
All of the following documents must be completed and returned to FAME in order to complete the loan application process:
The applications are in a PDF format, which can be completed on-line and must be printed and sent to FAME. A completed copy can be saved by going under "File" and "Save As" and saved in the directory of your choice.
The applications above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking here