COVID-19 Relief Programs for Maine Lenders

COVID-19 Relief Loan Program Resources for Maine Lenders

These resources are to help Maine lenders (banks and credit unions) support Maine people and businesses impacted by COVID-19. We sincerely appreciate your partnership in these challenging times and encourage you to reach out to us if we can be of further assistance.

COVID-19 Relief Lender Insurance Program provides commercial loan insurance of 50-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19. You will need to use FAME’s Online Answer (OLA) platform to apply for this commercial loan insurance. Log into your OLA account here.

If you do not currently have an OLA account and wish to enroll, please contact business@FAMEmaine.com.

COVID-19 Relief Refinance of Existing Lender Debt Program allows Maine lenders (banks and credit unions) to receive up to 50% pro-rata commercial loan insurance on existing debt that is not currently insured by FAME.

Additional direct loan programs for businesses can be found on FAME’s COVID-19 Relief Loan page.

The Maine Department of Economic and Community Development has compiled a resource guide of federal and state assistance for businesses impacted by COVID-19.

FAME Business Programs: How FAME Works for Maine Lenders and Businesses

In this webinar, FAME Director of Business Programs Jennifer Cummings reviews the various business financing programs FAME offers for Maine lenders, including direct loan programs and commercial loan insurance. Jenn discusses how lenders & businesses can utilize these programs, what programs are best suited for specific situations, and answers questions from attendees.

Webinar Resources

We help you get to yes!
You work hard to help your customers access the capital they need to thrive and grow. FAME’s loan insurance program was created to help you make business loans by reducing your risk.

Commercial Loan Insurance – Traditional Application Process
Commercial Loan Insurance – Online Application Process

FAME also has direct loans and other financing programs to help you help your business customers.

FAME Direct Loan (Economic Recovery Loan Program or ERLP)
Compliance Assistance Loan Program
Regional Economic Development Revolving Loan Program
Maine Rural Development Authority

Linked Investment Program for Agriculture
Linked Investment Program for Commercial Enterprises