The COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19. These special terms are available only on applications submitted via the FAME Direct Loan Program on or after March 20, 2020. Eligible borrowers with complete applications will have their applications reviewed and approved in an expedited manner.
Please see Important Notice regarding this program.
Eligibility
- A Maine-based business experiencing interruption or hardship due to COVID-19.
- Demonstrate that other sources of capital have been exhausted.
Loan Amount
Up to $50,000
FAME has allocated up to $5,000,000 in reserves for this program.
Interest Rate
Wall Street Journal Prime minus 1%, fixed at time of loan commitment.
Loan Term
12 month term, which can be extended if necessary.
Security
Business assets are required.
Guarantees
Unlimited personal guarantees of the business principals.
Fees
Closing fees, if applicable, may be financed with the loan proceeds.
Commitment fee is 0.5% (reduced from 1%).
Application
We appreciate your patience during this busy time. As you can imagine we have received many applications. To help make your application process as quick as possible, please make sure to complete your application in its entirety and submit all required supporting materials. We cannot process incomplete applications. See the last page of the application (page 5) for a list of all required materials.
Submit a complete, signed application package by email to business@FAMEmaine.com.
A complete application package must include:
- COVID-19 Relief Business Direct Loan application
- Employment Plan – for employers with ten or more employees
- Personal Financial Statement
- Statement of how COVID-19 has affected your finances and business operations
