Kim Wallace Adaptive Equipment Loan Program (mPower)
Funded through the Kim Wallace Adaptive Equipment Loan Program, this program provides assistance to individuals and businesses for the purchase, construction or installation of any product or equipment that allows an individual to become more independent within the community; promotes mobility; or improves independence and quality of life. Businesses may use loan funds to facilitate compliance with the Americans with Disabilities Act (ADA). For more program information and assistance, please click on the following link: www.mpowerloans.org
Eligibility
Must be a Maine resident with a disability or a Maine-based business.
Loan Amount / Exposure
up to $100,000
Interest Rate
Loans currently bear interest at an annual rate of 5.25%, except loans for non-adapted vehicles (loans for transportation assistance) which are 7.25%. Interest rates are subject to change.
Loan Term
Up to 20 years, depending on the useful life of the collateral.
Security
Assets being financed and other collateral, as required.
Fees
Process
:
Application package and assistance completing the application will be provided by Alpha One (contact information below).
:
Applications are available on the link below. Requests and completed applications are submitted directly to FAME.
FAME underwrites all loan requests and makes a recommendation to the Kim Wallace Adaptive Equipment Loan Program Board. Requests and recommendations are reviewed by the Board at its monthly meeting. The Board makes the final decision; FAME coordinates the loan closing for all approved loans. Loan requests of $30,000 or less may receive faster response when meeting certain criteria.
Application
Click here to view application. (Businesses Only)
Contact
:
South Portland: 207-767-2189 or 1-800-640-7200
Bangor: 207-941-6553 or 1-800-300-6016
Presque Isle: 207-764-6466 or 1-800-974-6466
:
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717