The COVID-19 Relief Consumer Loan Program provides no- to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME.
The program is voluntary on the part of Maine lenders. Interested borrowers should contact their local bank or credit union (not FAME) to see if the lender is offering this program and to apply.
Any Maine resident, including those who are self-employed, who has experienced a reduction in income since January 1, 2020 as a result of COVID-19.
Up to $5,000, minus any unemployment benefits received by the borrower. A borrower who has received a loan may apply to the same credit union or financial institution for an additional loan for each 30-day period the employee remains an eligible, affected employee. An eligible, affected employee may not receive more than three (3) loans under the program.
Interested borrowers should contact their local bank or credit union (not FAME) to see if the lender is offering this program, and to apply.
Learn more from the program Fact Sheet.
See the Loan Guarantee Program Law, amended April 21, 2020.