Maine Rural Development Authority (MRDA) provides financial assistance to communities and developers or business owners to help develop/redevelop underutilized commercial properties.
The Maine Rural Development Authority focuses activities in the rural areas of Maine that have traditionally not experienced the same level of economic development success as other regions of the state, have experienced major economic losses such as plant closings and downsizings, or are economically distressed.
Eligibility
Your project must:
- Invest in the development/redevelopment of underutilized commercial properties
- Foster job creation
- Encourage business development in Maine
- Restore employment opportunities
- Create employment in areas of economic need
Loan Amount/Exposure
Up to $500,000.
Interest Rate
Fixed rate – Wall Street Journal Prime plus 2%, at time of loan commitment.
Loan Term
5 years
Amortization may be based on the useful life of the assets being financed or additional collateral pledged.
Security
Assets being financed and other collateral, as required.
Fees
Application fee: $1,000.
Commitment fee: 1%
Process
See additional terms and conditions on the Maine Rural Development Authority website.
Although not required, FAME encourages all applicants to discuss their loan request with a FAME loan officer prior to submission to ensure program eligibility.
Application
Loan application materials are available for download from the Maine Rural Development Authority website.
Three years of personal financial statements from principal(s), partner(s), or guarantor(s) and projections are required.
Contact
Maine Rural Development Authority
Doug Ray
Director, Legislative Affairs & Communications
Maine Department of Economic & Community Development
55 State House Station, Augusta, ME 04333-0059
O: (207) 624-9802
M: (207) 441-2391
douglas.ray@maine.gov