Maine Rural Development Authority

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

Up to 20 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

Finance Authority of Maine

Sally Garand
Program Officer
FAME
5 Community Drive, Augusta, ME 04332-0949
O: 207-620-3532