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Biddeford, ME 207-282-1748

Finance Authority of Maine REDRLP

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.


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.