This program provides subordinate (gap) financing to assist businesses in their efforts to remain viable and/or improve productivity.
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 / Exposure
- $200,000 maximum loan amount.
- Larger loans, up to $1,000,000, may be available if substantial public benefit is demonstrated.
Interest Rate
Fixed rate; Prime plus 2%
Loan Term
5 years, with differing payment arrangements in the interim available.
Security
Assets being financed and other collateral, as required.
Guarantees
Unlimited personal guarantees of the business principals; secured by personal real estate (where available), are generally required.
Fees
1% origination fee based upon the loan amount and all costs of closing, including in-house or outside counsel fees.
Process
Submit a complete application to FAME. FAME will underwrite the request and make a final decision.
Application
Click here to view application.
The applications above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking
here.
Contact
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
