Grow Maine Direct Loan Program
Grow Maine provides SSBCI-backed direct loans for Maine businesses and nonprofits with fewer than 750 employees.
About this program
Grow Maine is Maine's State Small Business Credit Initiative program administered by the Finance Authority of Maine with statewide lending partners. Direct loans are available through FAME and participating local agencies for eligible business purposes including startup costs, working capital, business procurement, franchise fees, equipment, inventory, owner-occupied real estate, and construction or renovation of an eligible place of business. Loans may be up to $5 million and can support projects up to $20 million, with private capital leverage required and reduced leverage requirements possible for socially and economically disadvantaged businesses.
Eligibility
Maine for-profit businesses and nonprofits with fewer than 750 employees that need financing for eligible business purposes and can meet SSBCI private capital leverage requirements.
Requirements
- Business or nonprofit must be located in Maine.
- Applicant must have fewer than 750 employees.
- Funds must be used for legal business purposes such as startup costs, working capital, equipment, inventory, or owner-occupied real estate.