FAME – Regional Economic Development Revolving Loan Fund
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.
- 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 up to a maximum participation of $350,000 to any one Borrower.
- 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.
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.
No specific requirements; semiannual reporting on number of permanent, quality jobs that were created or retained.
They worked with us through every phase of this project to collaborate with bankers and get us the funding we needed to keep our development on schedule.
They really helped our business stay on track.