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 utliizes 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.
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.
Guarantees
Unlimited personal guarantees of the business principals; secured by personal assets (when available), are required.
Fees
Process
An application is available below. Submit a complete application to FAME. FAME will underwrite the request and make a final 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
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717