Electronic Medical Records Loan Program
The Electronic Medical Records Loan Program is a direct loan program designed to assist borrowers with the purchase or upgrading and optimization of a Certification Commission for Health Information Technology (CCHIT) - certified electronic health record, necessary to achieve meaningful use standards as identified by the Office of the National Coordinator for Health Information Technology. The program is administered by the Finance Authority of Maine (FAME) under agreement with the Maine Health Access Foundation (MeHAF).
Prior to submitting a loan application, an applicant must first be certified by MeHAF that the applicant and its project meets the following MeHAF eligibility criteria:
- Borrower must be a primary care medical practice that is located within a medically underserved area or other applicable designation in Maine, as determined by Health InfoNet (Health InfoNet is the project manager for Maine’s Regional Extension Center).
- Borrower must have an appropriate plan detailed in its vendor contract that is well-thought out and reasonable and enables the practice to achieve federally identified meaningful use standards, as determined by Health InfoNet.
- Primary care practice must serve MeHAF priority populations (the uninsured and underserved), as determined by Health InfoNet.
- Borrower must have already entered into a contract to receive service through the Maine Regional Extension Center.
Upon submission of a loan application, an applicant must be determined by FAME to be creditworthy. Generally required is a debt service coverage ratio of 1:1 and principal credit scores of not less than 600.
Use of Loan Proceeds
An approved loan will be used to purchase a new electronic health record system or optimize a current electronic health record system, enabling the borrower to achieve meaningful use standards as identified by the Office of the National Coordinator for Health Information Technology.
The interest rate on loans less than $35,000 will be fixed at the rate of 8.5% annually. Loans of $35,000 or greater will have a fixed interest rate of 6% annually.
The loan term shall generally not exceed five years.
Generally, a first lien on any equipment purchased and at least a junior security interest on all business assets will be required. Other collateral may be required.
The loan amount shall not be less than $20,000.
See fee schedule.
An application is available below. Submit a complete application to FAME. FAME will underwrite the request and make a final decision.
All of the following documents must be completed and returned to FAME in order to complete the loan application process:
The applications above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking here.