FAME – Regional Economic Development Revolving Loan Program
FAME REDRLP Eligible Applicants are business/manufacturing operations, which employs one hundred (100) or fewer people or have annual sales of $10,000,000 or less and are involved in:
- Advanced industrial or manufacturing technology, (value added);
- Advanced information systems technologies;
- Value added biological and natural resources enterprises;
- Any conversion from defense dependencies;
- Any significant export or trade business outside the State of Maine;
- Any significant research and development business activities;
- Any business with fifteen (15) or fewer employees;
- Any owner-occupied commercial and/or mixed-use real estate development; OR
- Any significant tourist, recreation or hospitality business.
Eligible Activities:
- Site purchase and development, new construction and rehabilitation of buildings (with substantial occupancy or lease commitments);
- Business acquisition, expansion and conversion;
- Working capital, (including Export/Trade and Research and Development activities);
- Machinery and equipment acquisition; AND
- Conversion and modernization.
Maximum Loan Amount:
- 100% of the total project costs under $50,000 to any one Borrower; OR
- 50% of the total project costs $50,000 and up, with a maximum participation of $350,000 to any one Borrower.
Collateral Requirements:
- Business assets, real and personal;
- Mortgages, commercial and personal;
- Personal guaranties; AND
- Assignments of: life insurance, stock and leases.
Term:
Negotiable based upon cash flow of business or life expectancy of assets financed (typically five years), not to exceed twenty (20) year.
Interest Rate:
Negotiable based upon cash flow of business and risk of credit, fixed for the term of the loan, not to exceed Prime plus seven (7) percent.
Job Requirements:
No specific requirements; semiannual reporting on number of permanent, quality jobs that are created or retained.
