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