Areas Served: Statewide Maine
The Economic Recovery Loan Program provides subordinate (gap) financing to assist Maine businesses in their efforts to remain viable and/or improve productivity.
From time to time, FAME utliizes funds in this program to address specific business community needs.
Eligibility Maine-based businesses that exhibit a reasonable ability to repay the loan and demonstrate that other sources of capital have been exhausted.
Loan Amount $750,000 maximum loan amount.
Interest Rate Fixed rate – Wall Street Journal Prime plus 2%, set at commitment.
Loan Term Maximum of five years.
Amortization may be based on the useful life of the assets being financed or additional collateral pledged.
Balloon payments typically required.
Security Assets being financed and other collateral, as required.
Guarantees Unlimited personal guarantees of the business principals; secured by personal assets (when available), are required.
Contact InformationFinance Authority of Maine
Address: 5 Community Drive
City: Augusta
State: Maine
Website:
https://www.famemaine.com/programs/
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