Business Financing
Small Corporate Offering Registration (SCOR)
allows a small business to raise up to $1,000,000 in a 12 month period through the sale of sale of securities without registering with the U.S. Securities and Exchange Commission.
Contact:
Maine Department of Professional and Financial Regulation
Office of Securities
207-624-8551
www.maine.gov/pfr/securities/small_business/programs.htm
Small Enterprise Growth Fund
provides up to $500,000 to businesses in almost all industrial sectors that demonstrate a potential for high growth and public benefit and that employ 50 or fewer people or have gross sales of $5,000,000 or less within the past 12 months. Eligible companies must match funds awarded from the SEGF with other financing sources.
Contact:
Small Enterprise Growth Fund
207-373-9306
www.segfmaine.com
Secondary Market Tax Exempt Bond (SMART-E)
offers financing at market tax exempt rates up to 90% of the project debt, not to exceed $4,250,000. Financing may be used to purchase and/or construct a manufacturing facility or purchase new machinery and equipment.
Contact:
Finance Authority of Maine
207-623-3263 or 1-800-228-3734
www.famemaine.com/files/Pages/business/businesses/bonds/Secondary_Mkt_Tax_Exempt_Bonds.aspx
Secondary Market Taxable Bond (SMART)
can help any commercially viable borrower purchase real estate and machinery and equipment up to 90% of the project debt, not to exceed $4,250,000.
Contact:
Finance Authority of Maine
207-623-3263 or 1-800-228-3734
www.famemaine.com/files/Pages/business/businesses/bonds/Secondary_Mkt_Taxable_Bonds.aspx
Regional Economic Development Revolving Loan Program (REDRLP)
is designed to help businesses that have sales under $5,000,000 or employ 50 or fewer employees in one of the following categories—advanced manufacturing, advanced information systems, advanced biological/natural resource technologies, conversion from the defense industry, significant export involvement (goods and services), significant research and development, micro-businesses (under 5 employees)—create or retain jobs. Eligible businesses may receive a loan for one third of the total project cost, up to a maximum of $200,000, and half of the total project cost, up to a maximum of $50,000. Click on the link below to read about some of the businesses that have been assisted through this program.
Contact:
Community Concepts
207-615-2602 or 333-6410
Joe Balchunas
jbalchunas@community-concepts.org
Community Concepts Finance Corporation success stories
Community Development Block Grant (CDBG) Program
is a source of gap financing for communities to assist businesses in creating and retaining quality jobs for Maine residents with low- and moderate-incomes. The funding guideline is $20,000 per job created or retained. The maximum cost per job created/retained is $30,000 for a Certified Pine Tree Zone Business in a Designated Pine Tree Development Zone.
- Development Loan Fund monies of up to $300,000 may be used for fixed asset investments or working capital.
- Grants to Municipalities for Direct Business Support monies of up to $200,000 are available for fixed asset financing, including capital equipment, commercial or industrial buildings, fixtures or real property improvements.
Contact:
Maine Department of Economic and Community Development
Office of Community Development
207-624-9813
http://www.maine.gov/tools/whatsnew/index.php?topic=OCD_Programs&id=1830&v=article
Economic Recovery Loan Program
provides gap financing to help businesses remain viable and/or improve productivity. The maximum loan amount is $200,000 and up to $1,000,000 if substantial public benefit can be demonstrated.
Contact:
Finance Authority of Maine
207-623-3263 or 1-800-228-3734
www.famemaine.com
www.famemaine.com/files/Pages/business/businesses/direct_loans/Economic_Recovery_Loans.aspx
Commercial Loan Insurance Program
insures a portion of a loan made by a financial institution thereby helping local businesses access commercial credit.
Contact:
Finance Authority of Maine
207-623-3263 or 1-800-228-3734
www.famemaine.com
www.famemaine.com/files/Pages/business/lenders/credit_enhancements/Loan_Insurance_Program.aspx
Maine Technology Institute
supports Maine businesses’ early-stage research and development efforts leading to commercialization of new technology-related products and services through Business Innovation Programs, Cluster Innovative Program, and Maine Technology Asset Fund. Awards support products and services in Maine’s seven targeted technology areas:
- Advanced Technologies for Forestry and Agriculture
- Aquaculture and Marine Technology
- Biotechnology
- Composite Materials Technology
- Environmental Technology
- Information Technology
- Precision Manufacturing Technology
MTI makes investments of up to $500,000 that are awarded on a competitive basis. All MTI awards require a one-to-one cash match and are based on scientific or technical merit, commercial feasibility, and positive economic impact on the state.
Contact:
Maine Technology Institute
207-582-4790
www.mainetechnology.org
www.mainetechnology.org/fund
SBA 7(a) Loan Program
is the Small Business Administration’s primary and most flexible loan program with financing guaranteed for a variety of general business purposes. It is designed for start-up and existing small businesses and is delivered through commercial lending institutions.
Contact:
Small Business Administration (Maine District Office)
207-622-8551
www.sba.gov
www.sba.gov/financialassistance/borrowers/guaranteed/index.html