Browse Ambrook’s collection of funding programs by Finance Authority of Maine (FAME)

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. 

Grow Maine Support Team

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)](https://home.treasury.gov/policy-issues/small-business-programs/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&#x2004;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](https://www.famemaine.com/business-financing/for-business-owners/fame-financing-programs/thrive-and-grow-maine/grow-maine-small-business-loan-capital-program/). 



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. 

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

A payment that must be returned to the provider following specified terms of repayment and interest rate.

Loan

- Information and FAQs
- Application Instructions

HVAC

Lighting

Repairs

Contact FAME for the reservation application, which is due by April 30 of each year. A $100 reservation fee applies.

FAME Business Financing (general)

This program helps reduce a borrower's interest rate. Loans are approved and funded by the financial institution according to its own policies. The Maine State Treasurer makes a deposit in the form of a certificate of deposit (CD) with the originating lender at up to 2% less than the prevailing rate, provided a similar discount is applied to the interest rate on the lender's loan to the business.



The applicant's principal source of income must derive from producing crops or raising livestock. Funds must be applied to an agricultural operating loan (specifically for the purchase of seed, feed, fertilizer, chemicals, veterinary services, labor, production-related energy and/or other production) — not loans for capital projects.

Maximum CD investment of $200,000 (the actual loan may be greater — the $200,000 is the Treasurer's certificate of deposit, not a loan cap). Up to 2% interest-rate savings to the borrower. The CD is made for a maximum of one year (the loan term may be greater). Participation is limited to two years (an additional two years is available in limited cases). Collateral is at the lender's discretion; the CD is not pledged as collateral. $100 reservation fee (half may be refunded in limited cases).

Request application from and submit application to the Maine Potato Board:

Maine Potato Board
744 Main Street, Room #1
Presque Isle, ME 04769
207- 769-5061
800-553-5516

If the project is deemed eligible, the Maine Potato Board will notify the applicant(s) and will forward the application to FAME for financial review. Final approval is granted by the commissioner of the Maine Department of Agriculture, Conservation and Forestry.

Maine Potato Board

The Potato Marketing Improvement Fund Program provides low-interest financing to help Maine&#x2004;potato growers and packers improve the quality and marketing of their potatoes. Potato Marketing Improvement funds may also be used to improve the economic viability of the potato industry.


Funds may be used for:

- New construction or improvements to storage and packing facilities;

- Purchase of packing, sizing, washing and drying equipment;

- New construction or improvements of structures which augment potato production; or

- Purchase, construction or improvements that add value to farm production with direct benefit to potato production.



The Potato Marketing Improvement Fund Program provides low-interest financing to help Maine potato growers and packers improve the quality and marketing of their potatoes. Potato Marketing Improvement funds may also be used to improve the economic viability of the potato industry.

Funds may be used for:
- New construction or improvements to storage and packing facilities;
- Purchase of packing, sizing, washing and drying equipment;
- New construction or improvements of structures which augment potato production; or
- Purchase, construction or improvements that add value to farm production with direct benefit to potato production.

Generally, any person or business engaged in growing, processing or marketing potatoes in Maine. All potatoes stored or packed in Potato Marketing Improvement Fund-financed facilities must be produced in Maine.

Potatoes

Potato Seeds

Processing Potatoes

Russet Potatoes

Sweet Potatoes

Vegetables

Specialty Crops

Local Food

Certification

Distribution

Diversification

Events

Trade Show

Trade Relief

Farmers Market

Certified Organic

Infrastructure

Marketing

Four loan types with different terms are available
New Facilities Loan Fund may be used for acquisition/improvement projects, or new construction of storages and/or centralized packing facilities and actuation of equipment.
Storage Retrofit Loan Program may be used for upgrading storages with energy efficiency improvements, and climate control equipment.
Support Facilities Loan Program may be used for construction and acquisition, or improvement of buildings and other structures which augment the production and/or storage of potatoes, or help meet food safety standards.
Value Added Loan Program may be used for construction, or for improvements of facilities and equipment to add value to farm production with a direct benefit to potato production.
Security
Asset(s) being financed or other collateral, as required or available.
Guarantees of business principals owning 20% or more of the business, or 5% or more and receiving significant income from the business.
Fees
Borrower is responsible for all loan closing costs.

Two steps. Step One: submit an Eligibility Form to Maine DACF; if deemed eligible, DACF forwards it to FAME. Step Two: complete FAME's application documents, then print and mail them. Rolling — no deadline.

Mark Hedrich

The Nutrient Management Loan Program helps farms and other agricultural businesses fund nutrient management projects such as diversion, irrigation, anaerobic digesters, composting, or treatment facilities. It was developed with Maine DACF, Maine DEP, and the Maine Municipal Bond Bank, and is administered by FAME.



Generally, any business or individual identified by the Maine DACF as having eligible agricultural non-point-source pollution abatement projects. Loan funds may not be used for working capital, non-project-related equipment and expenses, or refinancing. Borrowers defined as a Concentrated Animal Feeding Operation (CAFO) are not eligible. No construction lending is permitted.

Finances 100% of an eligible project up to $450,000. Interest is 2% fixed. Term up to 20 years, based on the useful life of the asset(s) financed. Secured by the assets financed plus guarantees of principals owning 20% or more (or 5% or more with significant income). Fees: 2% loan origination; 1% of the loan balance annual administration; the borrower pays all closing costs.

List of Finance Authority of Maine (FAME) Funding Opportunities