Loan Programs
Finance Authority of Maine (FAME): Eligible local, regional, or statewide nonprofit or governmental economic development organizations administer loans to eligible borrowers for site purchase and development, construction and rehabilitation, machinery and equipment, working capital, export/trade, and research and development. The purpose of the loan is to create or retain jobs. The maximum loan amount is $200,000, and the number of jobs created will be determined by the LAEGC.
Intermediary Relending Program (IRP): (Auburn companies only): Funds must be used for site purchase & developers’ costs, construction and rehabilitation, machinery and equipment, and working capital for the expansion of current or attraction of new businesses. The jobs created or retained will target low to moderate income persons or displaced farmers. A Class II assessment is required for all loans. Maximum loan amount: $150,000.
Economic Stimulus Loan Pool: Eligible activities include: site purchase & development, construction and rehabilitation, machinery and equipment, as well as working capital for the expansion or attraction of new industries or commercial ventures. At least one job must be created or retained per $25,000 loaned, and 51 percent of the total jobs created must be filled by employee(s) of low to moderate income. Maximum loan amount: $150,000.
Micro-Enterprise Loan Program: For businesses with five or fewer employees, the micro-loan program may be used for site purchase and developers’ costs, construction and rehabilitation, machinery and equipment, and working capital when urgent needs are demonstrated. The program is used to prevent impending layoffs, and to create at least one job. Maximum loan amount: $25,000.
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