Cover photo for Grow Maine Small Business Loan & Capital Direct Loan Program

Grow Maine Small Business Loan & Capital Direct Loan Program

Finance Authority of Maine


About

Grow Maine, administered by FAME in conjunction with various statewide lending partners, will provide up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. Funding will be available through FAME and its intermediary partners via loan guarantees, direct loans, and equity capital. Grow Maine is intended to provide broad access to capital to help Maine businesses grow and provide jobs for Maine people that will have long-term positive effects on Maine’s economy.

SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. Governor Mills designated FAME to serve as the state agency to accept and administer the allocated funds for the program.

FAME is offering 3 different kinds of funding:

  • Direct Loans

  • Equity Investment

  • Commercial Loan Insurance

Only direct loans are covered by the application information here, for the others, go to this page for more information.


Eligibility

Maine businesses and nonprofits with fewer than 750 employees are eligible.

Eligible Purposes

Support loans or investments/projects up to $20 million for legal business purposes, including but not limited to the following:

  • Start-up costs

  • Working capital

  • Business procurement

  • Franchise fees

  • Equipment

  • Inventory

  • Purchases of owner-occupied non-investment real estate (commercial or otherwise)

  • Purchase, construction, renovation, or improvements of an eligible place of business

Ineligible Purposes

  • Refinancing existing debt where SSBCI would replace private funds

  • Reimbursement of funds owed by any owner

  • Repayment of delinquent state or federal income taxes

  • Financing a non-business purpose

  • Supporting an existing extension of credit

  • Security purchases

  • Acquisition or holding of any other real property for investment purposes

  • Lobbying activities

  • Owner buyouts or equity substitution, except situations resulting in employee ownership


Resources


Similar Programs


Details

Organization

Finance Authority of Maine (FAME)

Financial Instrument

Loan

Maximum Award Amount

$5,000,000

Image Credit

Mario Mendez


Updated October 29, 2022

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.

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