Maine businesses and nonprofits with fewer than 750 employees are eligible.Eligible PurposesSupport loans or investments/projects up to $20 million for legal business purposes, including but not limited to the following:<ul><li>Start-up costs</li><li>Working capital</li><li>Business procurement</li><li>Franchise fees</li><li>Equipment</li><li>Inventory</li><li>Purchases of owner-occupied non-investment real estate (commercial or otherwise)</li><li>Purchase, construction, renovation, or improvements of an eligible place of business</li></ul>Ineligible Purposes<ul><li>Refinancing existing debt where SSBCI would replace private funds</li><li>Reimbursement of funds owed by any owner</li><li>Repayment of delinquent state or federal income taxes</li><li>Financing a non-business purpose</li><li>Supporting an existing extension of credit</li><li>Security purchases</li><li>Acquisition or holding of any other real property for investment purposes</li><li>Lobbying activities</li><li>Owner buyouts or equity substitution, except situations resulting in employee ownership</li></ul>

Grow Maine Small Business Loan & Capital Direct Loan Program Guide

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.

Loan

Maine

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

Application Instructions

Apply for a direct loan with FAME by following these instructions. Your final application packet must be submitted by email to business@famemaine.com.

You may need some of the documents available below.

Forms

Grow Maine Direct Loan Application

Grow Maine Exhibit C — Borrower Certification

Grow Maine Exhibit D — SEDI Self-Certification

Grow Maine Personal Finance Statement

Grow Maine Employment Plan

Grow Maine Environmental Plan