COVID-19 Relief Programs: Maine Lender Toolkit
WEBINAR: COVID-19 Relief Loan Programs for Maine Lenders
FAME’s Director of Business Programs, Jennifer Cummings, provides an overview of four recently-launched COVID-19 Relief Loan Programs available to Maine lenders and explains what lenders need to know in order to participate.
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.
COMMERCIAL LOAN INSURANCE FOR LENDERS
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.
LOANS FOR CONSUMERS (MAINE INDIVIDUALS)
COVID-19 Relief Consumer Loan Program provides no- to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME. Maine consumers affected by COVID-19 will come to you, their local bank or credit union (not FAME), to apply for a loan.
FAME administers this loan insurance pool program. To participate, the lender will need to:
- Complete the COVID-19 Relief Consumer Loan Program Lender Submission Form each business day, within 24 hours of making loans. This is a batch form where you’ll enter all the loans you make on a given day. Submit this form once daily on each day you make loans.
- Collect and retain an affidavit from each borrower.
For more information:
- COVID-19 Relief Consumer Loan Program Fact Sheet
- Loan Guarantee Program Law
- We will share the aggregate loan volume soon
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