Areas Served: City of Portland
The Portland Business Loan Fund is a revolving loan fund designed to stimulate growth and development within the City of Portland, Maine.
The fund is available to any new or existing Portland business for Building Renovation, Machinery and Equipment Purchase, Leasehold Improvements, Facade Renovation, Acquisition of Owner Occupied Commercial Real Estate, Acquisition of Fishing Vessels, Fishing Permits and Fishing Licenses, Related Architectural, Engineering and Other Professional Service Costs.
Terms: – $200,000 maximum loan amount.
– 20-year amortization with up to 10 year balloon payment.
– Business assets collateral and/or personal guarantees required.
– Required Investment Match: – 1:1 on request up to $100,000 – 2:1 on request over $100,000 – Application fee and interest rate determined by the Downtown – Portland Corporation (DPC) Eligibility: – Any new or existing Portland business that: – Is located in the City of Portland – Owes no outstanding property taxes, liens, fees or judgments to the City of Portland – Creates or retains jobs – Has the ability to repay the debt – Has a need for gap financing
Contact InformationCity of Portland Economic Development Division
Address: 389 Congress Street
City: Portland
State: Maine
Website:
http://www.portlandmaine.gov/485/Economic-Development
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