On Tuesday, September 12, 2017, the Kim Wallace Adaptive Equipment Loan Program (AELP) Fund Board voted to suspend new loan applications for the months of October, November and December of 2017 to allow the Board, with its partners (Alpha One and FAME), to redesign the AELP to ensure its sustainability. The suspension of new loan applications will be effective on September 29, 2017. All applications filed by 9/29/17 will be processed using the existing procedures without delay.
The Kim Wallace Adaptive Equipment Loan 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, visit www.mpowerloans.org.
Funded by the Kim Wallace Adaptive Equipment Loan Program. Administered by FAME.
Must be a Maine-based business or a Maine resident with a disability.
Up to $100,000.
Loans currently bear interest at an annual rate of Wall Street Journal Prime (WSJP) +2%, except loans for non-adapted vehicles (loans for transportation assistance) which are WSJP +4%.
Interest rates are subject to change.
Up to 20 years, depending on the useful life of the collateral.
Assets being financed and other collateral, as required.
Borrower is responsible for all loan closing costs.
Process and Contact Information
Alpha One provides application package and assistance completing the application:
Alpha One Locations:
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
Submit requests and completed applications directly to FAME.
- mPower Loan Application (Business)
- Environmental Questionnaire
- Employment Plan
- Personal Financial Statement
The documents above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking here.
The applications are in a PDF format, which can be completed on-line and must be printed and sent to FAME.