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Biddeford-Saco Micro Loan RLF

Micro-Loan Fund

The micro-loan fund provides loans up to $25,000 to small and emerging private businesses in the Cities of Biddeford and Saco with special emphasis on businesses owned by low to moderate income individuals.


Micro-Loan applications must be for activities eligible under Section 105 (a) (17) (A) of the Housing and Community Development Act of 1974, as amended. Loans can be used for:

  1. Real property acquisition that is essential to the operation of a business;
  2. Capital equipment;
  3. Building construction and/or rehabilitation;
  4. On-site utilities;
  5. Inventories;
  6. Working capital, and,
  7. Relocation of persons and/or businesses as a result of property acquisition or facility expansion.

Under this program, activities that construct, support or assist housing-related projects are ineligible to receive Micro-Loans.

Maximum Loan Amounts and Leverage Requirements

The maximum micro-loan is $25,000. Micro-loans may provide up 100% of the total financing package up to $15,000. Loan packages of over $15,000 require a dollar-for-dollar match for each dollar over $15,000. The match provided to meet this requirement must represent a new investment in the business.

Job Creation and Job Retention

To be eligible to receive a Micro-Loan through this program, the recipient business must be creating or retaining jobs for low to moderate income people. Fifty-one percent or more of the jobs create or retained must be taken by persons from low to moderate income households as defined by HUD.