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.

 

Eligibility

Maine-based businesses that exhibit a reasonable ability to repay the loan and demonstrate that other sources of capital have been exhausted.

 

Loan Amount

  • $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.

Interest Rate

Fixed rate - Wall Street Journal Prime plus 2%, set at commitment.

 

Loan Term

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.

 

Security

Assets being financed and other collateral, as required.

 

Fees

See fee schedule.

 

Process

An application is available below. Submit a complete application to FAME. FAME will underwrite the request and notify the borrower of its decision.

 

Application

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.

 

Contact

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

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News of Interest

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  • Tuesday, April 21, 2015 2:00 PM

    At its April 16, 2015 meeting, the Board of Directors of the Finance Authority of Maine (FAME) approved 90% loan insurance on a $3.5 million loan by Caisse Centrale Desjardins US Branch to Polycor New England, Inc. (“Polycor NE”) to help finance the purchase of a quarry and the construction of a curb manufacturing facility in North Jay, Maine. The quarry acquisition and curb manufacturing facility represent the company’s first investments in Maine and are expected to create twenty direct jobs in Western Maine.

    Read more...

  • Monday, March 23, 2015 10:13 AM

    At its March 19 meeting, the Board of Directors of FAME approved 90% loan insurance on a $4 million loan by Camden National Bank to Redzone Wireless, LLC, which is located in Camden. The financing will be used for capital for the company’s start-up operations. FAME’s action is expected to help spur development of wireless broadband service that may dramatically improve broadband Internet speeds and ultimately reach over 90% of the state’s population.

    Read more...