The Regional Economic Development Revolving Loan Program for Day Care is a loan that quality Maine day care centers can use to start up or make improvements.
About the Regional Economic Development Revolving Loan Program for Day Care
Eligibility
Must be a licensed child care provider (or meet licensing standards) and utilize recognized quality indicators for child care services as approved by the Maine Department of Health and Human Services.
Loan Amount/Exposure
Up to $350,000. If a portion of the project is for lead abatement, that portion may not exceed $15,000.
Interest Rate
5%
Loan Term
Up to 20 years
Security
Assets being financed and additional collateral, as required.
Fees
1% commitment fee, plus all costs of closing.
How to Apply
Submit completed applications to FAME for review and final decision. FAME will underwrite the request and make a final decision.
