Regional Economic Development Revolving Loan Program for Day Care

Effective April 20, 2017, FAME is suspending the acceptance and processing of applications for loans from the Regional Economic Development Revolving Loan Program for Day Care due to lack of funds. Any applications for such funding received by FAME after April 20, 2017 will be returned without review. When and if funding becomes available, we will update the program information.

Quality Maine day care centers can use this loan to start up or make improvements.

Eligibility

Must be a licensed child care provider (or meet licensing standards) and utilize recognized quality indicators for child care services as approved by the Maine Department of Health and Human Services.

Loan Amount/Exposure

Up to $350,000 (If a portion of the project is for lead abatement, that portion may not exceed $15,000.)

Interest Rate

5%

Loan Term

Up to 20 years.

Security

Assets being financed and additional collateral, as required.

Fees

1% commitment fee, plus all costs of closing.

Process

Submit completed applications to FAME for review and final decision.

Application Downloads

For best results, please download .pdf forms locally, then open and complete them with Adobe Acrobat. If you don’t have Acrobat, you can download a free version of Adobe Acrobat Reader here. Save and print your completed forms, then mail to FAME.

Contact

FAME